Guide on Pag-IBIG Multi-Purpose Loan Interest Rate 2024 Per Annum
PAG-IBIG MULTI-PURPOSE LOAN INTEREST 2024 – You can check the details here on the interest rate implemented by the Fund on member loans.
In the Philippines, there are government entities that have exclusive offers for their members. One of these is the Pag-IBIG Fund which has millions of members from across the nation. There are also Pag-IBIG members who are overseas Filipino workers (OFWs).
The Pag-IBIG members post monthly contributions or savings to keep an active and updated account to the government institution. In the case of locally-employed individuals, the month contribution is under a payroll deduction and remitted by the employer.
An updated account with the Pag-IBIG Fund may qualify a member to the loans offered by the government agency — which includes the Pag-IBIG Multi-Purpose Loan. It is a cash loan offer that was crafted to help meet the short-term financial needs of the members.
You may apply for the Pag-IBIG Multi-Purpose Loan, also called MPL, to finance a car repair, to fund an event, to travel, to pay for the utility bills, etc. For qualification to the offer, the member-borrower must meet the following eligibility criteria:
- 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 borrowing amount under the Pag-IBIG Multi-Purpose Loan offer, the government office has set a maximum limit on a percentage basis depending on the total savings of the member-borrower.
The Pag-IBIG Multi-Purpose Loan interest rate is at 10.5% per annum. The member-borrower may repay the loan within three (3) years or up to 36 monthly installments.
One good thing is that the member gets back the money paid for the Pag-IBIG Multi-Purpose Loan interest rate in the form of dividends. To apply, the interested member just have to submit the Pag-IBIG Cash Loan requirements.
The Pag-IBIG Fund boasts that under the offer, the member-borrower may get the money as fast as two (2) working days.