Details about the Pag-IBIG Multi-Purpose Loan Amount 2024 for Members
PAG-IBIG MULTI-PURPOSE LOAN AMOUNT 2024 – Here is a guide on how much a member may borrow under the Fund’s loan offer.
Have you heard about the Multi-Purpose Loan offer of the Pag-IBIG Fund? Apart from the Pag-IBIG Housing Loan which the government office is most popular about, it also offers a cash loan offer that can attend to several purposes.
A qualified Pag-IBIG member may apply for the Multi-Purpose Loan offer, also called MPL, to finance a travel, to make a huge purchase, to get the car repaired, to pay for the tuition fees, etc. It was crafted to help address short-term financial needs of the members.
Under the loan offer, there is a unique set of eligibility criteria as well as details regarding the Pag-IBIG Multi-Purpose Loan amount which you can check below. You can actually check these details out prior to apply for the loan offer.
Who are qualified to apply for the Multi-Purpose Loan offer of the Pag-IBIG Fund? Here are the eligibility requirements set by the government institution that member must meet to qualify for the loan offer:
- has posted at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- with active membership
- has posted at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- In case the member has an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default
- with proof of income
With regards to the Pag-IBIG Multi-Purpose Loan amount, it may actually vary depending on the member-borrower’s total Pag-IBIG Regular Savings. It is composed of the monthly contribution of the member, his/her employer’s contributions, and the accumulated dividends earned by the contributions/savings.
According to the Fund, the Pag-IBIG Multi-Purpose Loan amount may be as much as an equivalent of 80% of the total Pag-IBIG Regular Savings of the member-borrower. The loan is payable within three (3) years or 36 monthly installments.
To apply for the Fund’s offer, there are Pag-IBIG Cash Loan requirements that the members must prepare. Make sure to submit all the documents required so your loan application can be processed.