Guide on Pag-IBIG Salary Loan Interest Rate 2024 for Members & the Loan Terms
PAG-IBIG SALARY LOAN INTEREST 2024 rate is set low for the members with a maximum repayment of up to 36 monthly installments for low monthly amortizations.
The multi-purpose cash loan offer of the Fund or also called the Pag-IBIG Salary Loan is ready to help you meet your financial needs. A member may apply for it to meet any of the following purpose:
- Medical expenses;
- Tuition fee and other education-related expenses;
- Minor home improvement;
- Purchase of furniture, appliances or electronic gadgets;
- Capital for a small business;
- Vacation and travel;
- Payment of utility and credit card bills;
- Car repair;
- Special events; or
- Other needs
Under the loan offer, an equivalent of up to 80% of the Pag-IBIG Regular Savings may be borrowed by the member. With regards to the Pag-IBIG Salary Loan interest rate 2024, , the Fund implements a 10.5% interest rate per annum under the loan offer.
The loan is payable for up to 36 months but the member may also opt to repay the amount borrowed within two (2) years or 24 months. In the case of the locally-employed members, the payment may be done through a salary deduction for convenience.
The payment can also be done through the Virtual Pag-IBIG or in-person at any branch of the Fund nearest to you. The Pag-IBIG Salary Loan interest rate implements until the loan is fully-paid.
There are varying requirements among the applicants but it is first best to check on the qualifications. To be eligible to apply for the Pag-IBIG loan offer, here are the eligibility requirements that a member-applicant should meet:
- has posted at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- in active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- has a proof of income
In case the member-loan applicant has an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default. There are varying requirements among the locally-employed and self-employed individuals as well as OFW members.