How Many Years You Can Loan Again in Pagibig When You Stop Before Your Loan
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1 What is the Pag-IBIG Fund Multi-Purpose Loan Programme?
The Pag-IBIG Multi-Purpose Loan or MPL is a greenbacks loan designed to help qualified Pag-IBIG Fund members with any immediate fiscal need.
2 Where can I use the Pag-IBIG MPL?
The Pag-IBIG MPL can be used for any of the following purposes:
- Medical expenses;
- Pocket-size home comeback;
- Capital for a modest concern;
- Tuition fee and other education-related expenses;
- Buy of furniture, appliances or electronic gadgets;
- Payment of utility and credit menu bills;
- Vacation and travel;
- Special events;
- Car repair; or
- Other needs
three How do I qualify for the Pag-IBIG MPL?
Y'all must have the following to qualify for the loan:
- At least twenty-4 (24) monthly membership savings under the Pag-IBIG Regular Savings program;
- Active membership, past having at least one (1) monthly membership savings inside the concluding six (6) months prior to the date of loan application;
- If with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/southward must not be in default; and
- Proof of income.
iv How much can I infringe under the Pag-IBIG MPL?
Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer's contributions, and accumulated dividends earned.
This ways that the more you lot salve in your Pag-IBIG Regular Savings, the higher loan amount y'all may apply for via the MPL.
If you have an outstanding Pag-IBIG Calamity Loan, the amount y'all may infringe shall exist the difference betwixt the 80% of your total Pag-IBIG Regular Savings and the outstanding balance of your Pag-IBIG Calamity Loan.
5 How practise I apply for a Pag-IBIG MPL?
You can hands apply for a Pag-IBIG MPL via the following options:
- Online, via Virtual Pag-IBIG by:
- Uploading your duly accomplished loan application course and requirements*; or
- Completing the Pag-IBIG MPL application online form, for members whose employers are enrolled under the Virtual Pag-IBIG for Employers**
- Over-the-counter, by submitting your duly achieved loan awarding class and requirements through your employer or personally, at the Pag-IBIG Fund branch nearest y'all.
*available to members with a Pag-IBIG Loyalty Card Plus or cashcards issued past any of Pag-IBIG Fund's partner banks for such purpose.
** available to members with a Pag-IBIG Loyalty Bill of fare Plus only
six How much is the interest rate of the Pag-IBIG MPL?
The MPL comes at a low interest rate of 10.5 percentage per annum.
Information technology is worth to note that a meaning role of the income derived by Pag-IBIG Fund from the MPL'southward interest is returned to its members in the form of dividends.
7 How practise I pay my Pag-IBIG MPL?
The loan is payable within three years or 36 months and comes with a deferred first payment. Members may besides opt to pay their loans in two years or 24 months.
If you are an employed fellow member, you may pay your loan amortizations via a salary deduction arrangement with your employer. Should you wish to accelerate or accelerate your payments, you may do so via Virtual Pag-IBIG, at any Pag-IBIG Fund branch nigh y'all, or through whatever of our accredited collecting partners' outlets or their online payment channels.
If you are a self-employed individual or an Overseas Filipino Worker (OFW), you may pay your loan amortizations via Virtual Pag-IBIG, at whatsoever Pag-IBIG Fund branch near you, or through any of our accredited collecting partners' outlets or their online payment channels.
8 When can I renew my MPL?
You may renew your Pag-IBIG MPL after paying an amount equal to at least six (6) monthly amortizations and upon satisfying the eligibility requirements.
The outstanding balance of your existing loan shall be deducted from the loan gain of your new loan.
9 Where can I read more than about the Pag-IBIG Multi-Purpose Loan (MPL)?
To know more about the Pag-IBIG Multi-Purpose Loan, you may download Pag-IBIG Fund Circular No. 448, Modified Guidelines on the Pag-IBIG Multi-Purpose Loan (MPL) Program by clicking hither
What is the Pag-IBIG Fund Multi-Purpose Loan Programme? The Pag-IBIG Fund Multi-Purpose Loan or MPL Program is a cash loan that qualified members may secure to assist them with whatsoever immediate financial need. Here are a few examples where yous can apply your MPL:
How can I qualify? You must be an actively contributing member with at least twenty-four (24) monthly membership savings (MS) and sufficient proof of income to authorize. If you lot have an existing Pag-IBIG Fund Housing Loan, MPL and/or Calamity Loan, your payments must be updated for y'all to qualify.
How much may I borrow? You must exist an actively contributing member with at least twenty-four (24) monthly membership savings (MS) and sufficient proof of income to qualify. If you accept an existing Pag-IBIG Fund Housing Loan, MPL and/or Calamity Loan, your payments must be updated for you to qualify.
How much is the MPL interest rate? The MPL comes at a low involvement rate of 10.5 percent per annum. You would be pleased to know that a significant part of the income derived by Pag-IBIG Fund from the loan programme is returned to its members in the grade of dividends.
How do I pay my MPL? The loan is payable within 24 months and comes with a deferred first payment.
Formally-employed members shall pay their loan amortization through a bacon deduction arrangement with their employer.
Self-employed individuals, Overseas Filipino Workers (OFWs), and all other private payors may their amortization at any of our Pag-IBIG Fund branches.
When tin I renew my MPL? Y'all may renew your MPL after paying an equivalent of six (vi) monthly amortizations and upon satisfying the qualifications mentioned to a higher place.
The outstanding balance of your existing loan shall be deducted from the loan proceeds of your new loan.
For details, please refer to this plan's round found on our Circulars Page.
Source: https://www.pagibigfund.gov.ph/FAQ_MPL.html#:~:text=The%20loan%20is%20payable%20within,deduction%20arrangement%20with%20your%20employer.
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