PAG-IBIG stands for ‘Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya, at Gobyerno.’ This has been one of the Philippine Organizations that could help especially the poor society. What do PAG-IBIG offers? Two of these loan offers are the Multi-Purpose Loan (MPL) and Calamity Loan.
If you are wondering about the assistance this organization gives, I will cite the following short-term financial help they could give you:
- Repair of your car
- Expenses at school tuitions
- Some special events
- For health and well-being of individual
- For travel and vacation financial assistance
- To acquire electric gadgets, furniture, and appliances
- Credit card bill payments
- Small business capital
- Financial assistance for your home improvement
Before you can ask for financial assistance from PAG-IBIG, you need to follow some guidelines. The application is easier nowadays because of the advancement of technology. You can even download the form directly from their website.
Here are some of the requirements you should comply to finally apply to PAG-IBIG loans:
- The member of PAG-IBIG should be active and at least has monthly membership for 24 months. The savings should not be less that Php 4,800.
- One month before the plan of applying to loan, the member should have made MS or monthly membership for the past six months.
- The date of the application for loan should not be default with the PAG-IBIG Housing Loan if you have any.
- The date of the application for loan should not be default with MPL and/or Calamity Loan if you have any.
- PAG-IBIG needs your sufficient proof of income to be able to accept your request.
Now, you’ve been asking about the things you need to do to be able to apply for your loan, here are the answers:
- Open the PAG-IBIG website www.pagibigfund.gov.ph. You may download their application form directly from the website. You can print the downloadable sheet back to back. If you are not into internet and you don’t know how to use it or you don’t have internet at home, you can go directly from their office and ask one copy of application.
- You need to prepare you 2 valid IDs.
- Based on your membership categories, you need to show your proof of income.
When you are self-employed:
- Show other proof of income.
- Show your business and Mayor’s permit
- Vouchers of commission
When you are employed:
- PAG-IBIG will give you a form that will serve as “Certificate of Net Pay”. You will fill out the form, but at the back of it, your employer should fill it out. If not, you may also submit the copy of the latest pay slip. It should be recognized by the employer or authorized representative from the company where you are working.
Before you finally go to PAG-IBIG and start your loan, you should know more about the details behind it. We have three details regarding this one which are the Loan Term, Loan Amount, and Interest Rate. For the Loan Term, this is the term or length of period that the loan should be paid. The total length is within 1 year or 24 months, with the grace period of two months.
The interest rate means the interest charge which is 10.5% p.a. When it comes to the Loan Amount, the borrower should loan equal to the TAV or Total Accumulated Value.
How Can You Pay Your Loan?
- If you are employed, the loan payment shall be deducted from your salary.
- If you are self-employed, you shall pay the loan directly to the counter.
What are the requirements for loaning in PAG-IBIG?
- For authentication, the photocopy and original copies of required documents are important.
- If the documents are certified by the employer, the employed member-borrower may not present the original copies of required documents.
- If you are not the one directly presenting the documents, you need to present the following:
- Two valid IDs of the borrower and the representative
- SPA or also known as Notarized Special Power of Attorney
So, how many days or weeks your loan could process? Usually, the processing time is one to two weeks. If you really need the money right away, or you want a faster process, go directly to the PAG-IBIG branch and release all the records needed for your loans. You can typically get your loan within 23 working days. It is better to file your application ahead of time.
You can loan from PAG-IBIG if you need immediate financial assistance. This is what you called the MPL or Multi-Purpose Loan. If you are already a member, you may need to update your account. If you need cash due to some emergency or some house loans, this organization provide help to its members. 24 months is the maximum period of payment.