Steps for the Pag-IBIG Cash Salary Loan 2023 Application Process
PAG-IBIG CASH SALARY LOAN 2023 – Here is a complete guide on how to apply for the Multi-Purpose cash loan offer of the Pag-IBIG Fund.
Have you heard about the Multi-Purpose Loan offer of the Pag-IBIG Fund? It is also called the MPL, the Pag-IBIG Cash Salary Loan, or simply the cash loan offer. It was designed to help the members address their short-term needs.
The Pag-IBIG loan is one of the multiple loan offers of the Fund. It is open not only for locally-employed and self-employed individuals but as well as overseas Filipino workers (OFWs).
The loanable amount under the Pag-IBIG salary cash loan offer depends on the total savings of the member-borrower. The Fund has set a percentage to determine the borrowing amounts allowed under the offer.
The borrowed amount is payable for up to three (3) years or 36 monthly installments. The Pag-IBIG salary loan interest rate is implemented on an annual basis.
There is an easy process in applying for the Pag-IBIG Cash Salary Loan offer. Here are the steps for the application:
Step 1 — Check the Qualifications.
- 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
Step 2 — Prepare the Requirements.
Prepare the requirements for Pag-IBIG Salary Cash Loan application. Make sure you have the original copies of all of the documents required by the Fund for application to the offer.
Step 3 — Submit your Requirements
Go to a branch of the Pag-IBIG Fund in your city or province. Submit the documents. It will be checked by the staff of the government agency.
If you cannot leave your work to process your loan, you may apply it online. There is also an easy process on how to apply for the Pag-IBIG Salary Cash Loan online.
For approved loan applications, the repayment of the loan will be done through any of the following modes:
- salary deduction arrangement with the employer
- Pag-IBIG Virtual
- over-the-counter payment at a Pag-IBIG Fund branch
- any of the Pag-IBIG accredited collecting partners’ outlets or their online payment channels
