Because of its geographical location, the Philippines is susceptible to natural disasters such as volcanic eruptions, storm surges, flooding, landslides, and drought. This puts Filipinos from all across the country at risk of catastrophic events, extreme distress, and losses.
Those affected by these disasters are entitled to a variety of aid, including monetary assistance (Ayuda) from the government, Pag-IBIG salary loans from the Pag-IBIG Fund, SSS loans, and other relief efforts.
We’ll talk about financial aid for members of the Home Development Mutual Fund, often known as the Pag-IBIG Fund, in this post. Through the Pag-IBIG salary loan, the government agency provides cash assistance to calamity-stricken members.
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What Is a Pag-IBIG Salary Loan, and How Does It Work?
The Pag-IBIG Salary Loan (also known as the Pag-IBIG Multi-Purpose Loan (MPL)) is a monetary assistance program available to all Pag-IBIG members. MPL is a cash loan aimed to assist Pag-IBIG Fund members with immediate financial needs.
The Pag-IBIG MPL can be used for a variety of reasons, including:
- Expenses for medical treatment; minor home improvements; startup capital for a new business
- Fees for tuition and other educational expenses;
- Buying furniture, appliances, or electronic devices;
- Utility and credit card bills must be paid;
- Vacations and travel; special events; automobile repairs; or other requirements
The MPL has a 10-percentage-point annual interest rate. According to Pag-IBIG, a major portion of the MPL’s interest income is returned to its members in the form of dividends.
Eligibility for a Pag-IBIG Salary Loan
To be eligible, you must have the following:
Active membership is defined as having at least one (1) monthly membership savings in the six (6) months preceding the loan application date.
At least twenty-four (24) monthly membership deposits under the Pag-IBIG Regular Savings program; the account(s) must not be in default if you have an existing Pag-IBIG Housing Loan, MPL, and/or Calamity Loan; and proof of income.
Qualified members can borrow up to 80% of their Pag-IBIG Regular Savings account balance, which includes their monthly contributions, employer contributions, and dividends received.
Furthermore, the more you save in your Pag-IBIG Regular Savings, the larger the loan amount you can get through the MPL.
If you have an outstanding Pag-IBIG Calamity Loan, you can borrow the difference between your total Pag-IBIG Regular Savings and the outstanding sum of your Pag-IBIG Calamity Loan.
What Is the Procedure for Applying for the Pag-IBIG Mpl?
By following the instructions below, you can quickly apply for a Pag-IBIG MPL online.
1) Fill out the Pag-IBIG Multi-Purpose Loan Application form and submit it.
2)Email the form, along with front and back photocopies of the following documents, to your company’s HR, fund coordinator, or other approved person.
– Identification – Loyalty Card Plus (if applicable)
– Landbank credit card (if applicable)
– UCPB identification card (if applicable)
-Cash card from DBP (if applicable)
3) The Employer Confirmation of STL Application will be emailed to the appropriate Pag-IBIG fund department by your corporate representative:
Pag-IBIG (Virtual Pag-IBIG)
Another method is to submit an application using Virtual Pag-IBIG.
• Completing the Pag-IBIG MPL application online form, for members whose employers are enrolled under the Virtual Pag-IBIG for Employers**; or • Uploading your duly completed loan application form and requirements*
*Available to Pag-IBIG Fund members who have a Pag-IBIG Loyalty Card Plus or cash cards issued by any of Pag-IBIG Fund’s partner institutions.
*Only available to Pag-IBIG Loyalty Card Plus members.
Requirements for a Pag-IBIG Salary Loan
- Photocopies of two photo and signature-bearing IDs (Related: 4 Government IDs That Are Extremely Simple to Obtain)
- Paystubs from the previous month’s salary
- a job well done
- Application for a Pag-IBIG Multi-Purpose Loan
- Access to the following information about the employer:
- Company or Employer Name GSIS or SSS number Signature of Office Head or Authorized Representative
- The Agency and Branch Codes
Paying for a Pag-IBIG Salary Loan
The Pag-IBIG Salary loan can be repaid over a maximum of 24 months. You will have a two-month grace period after your release before you must repay the entire amount.
You can pay your monthly installments by payroll deduction, over-the-counter payments, or other Pag-IBIG-approved methods.