Guide on Pag-IBIG Salary Cash Loan — How Much You May Borrow
PAG-IBIG SALARY CASH LOAN 2023 – Detailed below are the minimum and maximum loanable amounts under the Fund’s Multi-Purpose Loan offer.
Maintaining an active and updated account to the Pag-IBIG Fund brings you the huge benefit of having something to turn to in times of financial needs. The government entity has several loan offers for its members.
There are millions of Filipinos who are members of the Pag-IBIG Fund. They remit a monthly contribution to maintain an active account. Accumulated contributions may qualify a member to the loans offered by the state entity which includes the Pag-IBIG Housing Loan and the Pag-IBIG Multi-Purpose Loan.
The Multi-Purpose Loan or also called the Pag-IBIG Salary Cash Loan is ready to finance a business expansion, a car repair, a significant purchase, etc. It is open for members who meet the following eligibility requirements:
- has a minimum of twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- in active membership with at least one (1) monthly membership savings within the last 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/s must not be in default
- has proof of income
Under the Pag-IBIG loan offer, the Fund has posted the maximum loanable amounts but not the minimum. According to the government entity, a member may borrow up to 80% of their total Pag-IBIG Regular Savings which consists of the following:
- total monthly contribution of member
- employer’s contributions
- accumulated dividends
On how to compute your Pag-IBIG cash loan loanable amount, it depends on the loan factor based on the total contributions you have posted. To apply for the offer, there are requirements for Pag-IBIG Salary Cash Loan that you must submit to the Fund.
