Details about the Pag-IBIG Multi-Purpose Loan Interest Rate 2023 for Members
PAG-IBIG MULTI-PURPOSE LOAN INTEREST RATE 2023 – Here is a guide on how much your cash loan to Pag-IBIG Fund may incur as interest.
Are you wondering about the details of the Pag-IBIG Multi-Purpose Loan offer? Also called the MPL, it is a multi-purpose cash loan that is offered to members who have posted at least 24 monthly contributions to their accounts.
The MPL is the offer that the members can turn to in case the need to be obtained will serve multiple purposes. You may use it for any of the following:
- capital for a small business
- minor home improvement
- medical expenses
- car repair
- purchase of furniture, appliances or electronic gadgets
- tuition fee and other education-related expenses
- vacation and travel
- special events
- payment of utility and credit card bills
With regards to the loanable amount under the Pag-IBIG Multi-Purpose Loan 2023 offer, it varies depending on the total savings posted by the member-borrower. It is because the government agency set a percentage as the maximum loanable amount.
On the Pag-IBIG Multi-Purpose Loan interest rate 2023, it is at 10.5 percent per annum. You may repay the loan within three (3) years or 36 months.
The Pag-IBIG Multi-Purpose Loan interest rate 2023 will be implemented until the loan is fully-paid. To qualify, the member-borrower must meet the following eligibility criteria:
- be a member of Pag-IBIG Fund
- have posted at least 24 monthly membership savings
- have posted at least one(1) monthly membership savings within the last six(6) months
- submit a proficient information on his or her source of income
In applying for the loan offer, prepare the documentary requirements for the Pag-IBIG Multi-Purpose Loan 2023 application. Submit them to a branch of the Fund nearest to you and wait for an update from the government agency about the result.
If the loan application will be processed by a representative on your behalf, there is a different set of documents that must be prepared. Here are the requirements that representatives must present:
- Authorization Letter
- Valid IDs of both parties (1 Photocopy)
- Pag-IBIG Multi-Purpose Loan Application Form (MPLAF, HQP-SLF-065) (1 Original)
- Proof of Income
- If you are locally-employed, submit the following documents:
- The “Certificate of Net Pay” portion at the back of application form must be accomplished by the employer or submit photocopy of one (1) month latest payslip duly authenticated by the company’s authorized signatory.
- If you are self-employed, submit the following documents:
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registrant and Mayor’s Permit/Business Permit (1 Photocopy)
- Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) (1 Original)
- Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittance, pension, etc.) (1 Original)
- Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTRFB for other PUVs) (1 Original)
- Certificate of Engagement issued by the owner of business (1 Original)
- Notarized Affidavit of Income (HQP-SLF-136) (1 Original)
- If you are an overseas Filipino worker (OFW), submit the following documents:
- Employment Contract
- Employment Contract between employee and employer (1 Photocopy); or
- POEA Standard Contract (1 Original)
- Certificate of Employment and Compensation (CEC)
- CEC written on the Employer/Company’s official letterhead (1 Original); or
- CEC signed by employer (for household staff and similarly situated employees) (1 Original), supported by a photocopy of the employer’s ID and passport
- Income Tax Return filed with Host Country/Government (1 Original)
- Employment Contract
- If you are locally-employed, submit the following documents:
