Pag-IBIG is usually famous for its housing loans, but did you know it also offers a Multi-Purpose Loan?
In case you are in need extra cash to bridge the financial gap, then you can apply for this cash loan. The Multi-Purpose Loan will help you provide for your family in times when your salary falls short just like the other government loans.
Let’s say you have to pay for your child’s JS prom, a hospital bill, a week’s worth of house expenses, or any sudden financial need. This loan is sure to give you a relief especially with its low-interest rate of 10.75% per annum.
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Pag-IBIG Multi-Purpose Loan Amount
The loan amount will greatly depend on the monthly saving you have contributed. If you have been paying your monthly savings every month for at least 2 years, you can borrow up to 60% of your Total Accumulated Value (TAV).
If you have paid for at least 60 months then you can borrow up to 70% of you accumulated saving. This increases as your savings increases.
Pag-IBIG Multi-Purpose Loan Requirements
The main requirement is you must have at least 24 months monthly savings. The last five monthly savings must have been paid for the last six months before the date of loan application.
You must also have a good membership standing. This means that if you have any previous loans with Pag-IBIG, you must have not defaulted even once. You should have settled all the past loans before you can apply for a Multi-Purpose Loan.
You must also be willing to repay the loan up to 24 months or two years. The good thing is you can have a two-month grace period. If you have received your loan in December, you can start paying yout loan in February.
You must repay the loan every 15th of the month. If you are employed, it can be deducted directly from your salary. Do not miss any payment of you will be charged with a penalty.
Pag-IBIG Multi-Purpose Loan Renewal
If you are interested, you can renew your loan after paying for at least six months. Your existing loan may be credited from your new loan.
Pag-IBIG Multi-Purpose Loan Release
Your borrowed cash will be released through a Disbursement Card (Landbank Cash Card or Pag-IBIG Citi Prepaid Card), Landbank’s Payroll (PACSVAL), check or other methods. The release of the loan will depend on Pag-IBIG’s discretion.
When will a Multi-Purpose Loan be in Default?
- If Pag-IBIG discovers that any document you have presented is fake or altered.
- You failed to pay any three consecutive monthly amortizations.
- You did not pay your loan for three consecutive monthly amortizations.
- You have violated any policy or guideline of Pag-IBIG Fund.
In case you need a quick cash loan for emergency, you can get it from Cash Mart in just a day. Cash Mart only requires a valid ID, proof of billing and a proof of income. If you are self-employed, you will need to provide a copy of your bank statement as your proof of income.
For more information, visit Cash Mart’s FAQ page.