Guide on Pag-IBIG Calamity Loan Interest Rate per Annum
PAG-IBIG CALAMITY LOAN INTEREST – Here are the interest rate and the fees under the Fund’s Calamity Loan offer.
Are you planning to apply for the Calamity Loan offer of the Pag-IBIG Fund? Or you want just want to be fully aware as a preparation during emergency situations?
In the Philippines, the Pag-IBIG Fund is one of those that offer a Calamity Loan but it is exclusive to the eligible members of the state-run entity. Through the said offer, the Fund wants to make sure that their members have something to turn to that can assist them in recovering from the impacts of the natural disaster.
As mentioned, a member may borrow an equivalent of up to 80% of his/her total regular savings in the Fund which includes the posted contributions, the share of the employer in the contributions, and the dividends earned.
How much is the Pag-IBIG Calamity Loan interest rate? According to the Fund, the interest rate is set at 5.95% per annum. The borrower may repay the loan for up to 36 monthly installments.
Aside from knowing how much is the Pag-IBIG Calamity Loan interest rate, it is best to also be aware that the Fund implements a late payment fee of 1/20% or 1% of any unpaid amount for every day of delay in the payment of the monthly amortization.
In the case of the employed members of the Fund, the signature of the employer is required in the application form. There is no need to submit a payslip once the employer has signed the Employer Confirmation of STL Application. It can also confirm that the payment will be automatically deducted from the monthly salary.
The first monthly payment for the loan begins on the 4th month following the check date. The payment must be made before the 15th day of the month. Here are the methods on how you can get the loan proceeds:
- Check payable to the member
- Pag-IBIG Loyalty Plus Card or Cash Card
- Bank account via LANDBANK’s Payroll Credit System Validation
With regards to the repayment of the loan, there are several methods that you may choose from. It can be done through any of the following:
- Salary deduction
- Post-dated checks
- Auto-debit arrangement
- Through an accredited developer with a Collective Servicing Agreement (CSA) with Pag-IBIG Through accredited local and overseas collection partners
