You may avail the Multi-Purpose Loan of following purposes:
- Car Repair
- Health and Wellness
- Livelihood or additional capital for business
- Minor home renovation or improvement
- Payment of Utility or Credit Card Bills
- Purchase of appliances, furniture, or gadgets
- Special Events
- Tuition or Educational Expenses
- Vacation or Travel
Requirements for PAG-IBIG Multi-Purpose Loan
- PAG-IBIG member who has made at least 24 monthly savings (MS) and has total savings equivalent to P4,800.
- Within the last 6 months, PAG-IBIG member must have made at least one monthly savings, as of the month prior to the date of loan application.
- If you have existing PAG-IBIG Housing Loan, your account must not be in default as of the date of your application.
- If you have an existing Multi-Purpose Loan or Calamity Loan with PAG-IBIG Fund, your account must not be in default as of the date of your application.
- You must also submit sufficient proof of income.
Your loan amount is equivalent to 80% of your Total Accumulated Value (TAV).
My TAV is P20,000. My loanable amount is 80% of P20,000 which is P16,000. Then, I have an existing Calamity Loan Balance, let’s say, P3,000, my loanable amount would be P16,000 minus P3,000 and this is equal P13,000.
Therefore, I may be able to loan P13,000 from PAG-IBIG Fund Multi-Purpose Loan provided If I qualify and meet all the requirements.
How will the Loan be released?
You may choose any of the following modes of loan release:
- Loan to be credited to your disbursement card
- Loan to be credited to your bank account through LANDBANK’s Payroll Credit Systems Validation (LBP’s PACSVAL)
- Check payable to your name
- Other acceptable modes of payment
Loan Term and Loan Interest Rate
Your Multi-Purpose loan will be charged based on the prevailing guidelines of PAG-IBIG Fund for this program. Upon application, this loan term will be discussed to you, or you may inquire directly at any PAG-IBIG branch.
How to pay your Multi-Purpose Loan?
If you are employed, your loan payment will be deducted from your salary.
If you’re an individual payor or voluntary member, you can pay your loan amortization over-the-counter. For an updated list of payment options for Multi-Purpose Loan, you may inquire directly at any PAG-IBIG branch.
How to Renew your PAG-IBIG Multi-Purpose Loan?
The renewal of your Multi-Purpose Loan will be after you have paid 6 monthly loan amortizations and upon satisfying the guidelines and requirements of the program.
Your outstanding Multi-Purpose Loan obligation will be applied for your new loan proceeds and the net proceeds will be released to you.
How to Apply for PAG-IBIG Multi-Purpose Loan?
- Download a copy of the Multi-Purpose Loan Application Form (MPLAF) online or get it from any PAG-IBIG Fund Branch. Click here to download MPLAF.
- Fill out the application form with all the required information.
- Using Payroll Account/Disbursement Card, you may attach a photocopy of your payroll account or disbursement card or deposit slip (for a newly-opened account).
- Submit your Multi-Purpose Loan Application form with all the required documents to any PAG-IBIG Fund Branch for your loan to be processed.
Multi-Purpose Loan Requirements:
- Multi-Purpose Loan Application Form
- Photocopy of at least 2 valid IDs
- Proof of Income
- Employed – Certificate of Employment with Monthly Income, Recent Pay Slips
- Individual Payors or Self-Employed – Photocopy of Business Permit, Commissio Vouchers, other valid proof of income
Click here to read:
- How to Pay your SSS Voluntary Contribution
- How to Get the OFW iDOLE Card
- PhilHealth Benefits and How to be a PhilHealth OFW Member