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Pag-IBIG Fund personal loan for february 2024

Get a personal loan at Pag-IBIG Fund. On 22.02.2024 there are 2 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 2
Updated:
12.10.2022
19:58
Pag-IBIG Fund
Multi-Purpose Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 80% of total Pag-IBIG Regular Savings
Rate
i

Effective interest rate on the product

10.5% per year
Term
i

Loan term for the financial product

up to 36 months
Get the money you need online
Get the money you need online

Use our quick loan matching system with a free credit check!

Pag-IBIG Fund
Calamity Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 80% of total Pag-IBIG Regular Savings
Rate
i

Effective interest rate on the product

5.95% per year
Term
i

Loan term for the financial product

up to 36 months
Today 22.02.2024 Online Loan Application
Loan amount
i

Enter the desired loan amount

1000 ₱
50000 ₱
Loan term
i

Specify the loan term for the calculation

5
60 days

You are able to pick a loan for free. You can receive money in: 15m

Today 22.02.2024 Online Loan ApplicationToday 22.02.2024 Online Loan ApplicationToday 22.02.2024 Online Loan ApplicationToday 22.02.2024 Online Loan ApplicationToday 22.02.2024 Online Loan Application
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Loan amount
0 ₱
Loan term
0 month
Loan commission
i

Here is the average overpayment on a loan based on data from lenders in the Philippines.

202

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More
Savii
1
No comment yet coz im not yet approved in my application
Review
DIGIDO
5
very fast
Review
Kviku
4
Please address my concerns regarding my loan application and its processing...
Review
Kviku
1.6
Warning: This lender is predatory and extremely dangerous. Do not use this app for loans as they will trap you with impossible and maliciously high interest rates...
Review
Kviku
1.4
I was charged an excessive amount by KVIKU. My last loan was approved on November 25th, 2022 for 5000 pesos...
Review
Kviku
1.8
High Interest Rate. They approved my auto loan without discussing repayment options in full. Instead, they sent me a contract with scheduled payments, which is nowhere near the advertised 0...
Review

Pag-IBIG provides the Multi-Purpose Loan (MPL) , Calamity loan, and home loans. To be eligible for these loans, you must be an active member who makes regular deposits. The amount of money you have saved in your savings accounts will determine the amount of loan you receive.

Types of Pag-IBIG loans

  • Housing Loan. You can take out a housing loan for up to ₱6 million with low-interest rates. You can use this loan to pay for a residential home and lot, a townhouse, condominium unit, construction, remodeling of a home, or refinancing an existing mortgage.

  • Short-term loans. These loans are either the Multi-Purpose Loan (MPL) or Calamity Loan. MPL is a cash loan designed to help members with an immediate financial need up to 80% of their Pag-IBIG Regular Savings and can be processed in as fast as 2 days. It also has a low annual interest rate of 10.5%.On the other hand, a Calamity loan assists Pag-IBIG Fund members who reside in areas declared under a state of calamity and are affected by such disasters. It comes at a low-interest rate of 5.95% per annum, is payable within 36 or 24 months, and has a deferred first payment. However, you must apply for a Pag-IBIG Calamity loan 90 days after the President's Office or the Sangguniang Bayan for your region of residency declares a state of calamity.

How to apply?

Once your account is active, you can use the Internet or a branch to apply for a Pag-IBIG loan. To apply for a Pag-IBIG calamity and MPL loan, obtain the STL acknowledgment receipt (HQP-SLF-121) and submit the completed loan application form along with the needed documents. Wait until the loan proceeds are disbursed to your account on the scheduled date.

Requirements for a Pag-IBIG loan

You must fulfill the following requirements to be eligible for a Pag-IBIG loan:

  • You should have saved at least one monthly membership fee for the six months preceding the loan application date.

  • Your accounts must not be in default if there are any Pag-IBIG Housing Loans, MPLs, or Calamity Loans already in place.

  • You must provide a completed original application form for a Multipurpose or a Calamity Loan application Form.

  • You must have one photocopy of a valid ID.

  • If employed, you must have a certificate of net pay or a photocopy of one month's most recent paystub that has been duly authenticated by the company's authorized signatory, like the human resource manager.

  • You must provide proof of income through a bank statement or passbook for the previous 12 months if your income comes from a pension, an overseas remittance, or one original.

  • Filipinos working abroad must provide proof of income, such as an employment contract or an authentic POEA standard contract.

  • You must provide a Certificate of Employment and Compensation (CEC).

  • You must have an income tax return filed with the host country or the government one original.

List of some of the acceptable IDs

  • Passport

  • Driver's license

  • Professional Regulation Commission (PRC) ID

  • National Bureau of Investigation (NBI) Clearance

  • Police Clearance

  • Postal ID

  • Voter's ID

  • Barangay Certification or Barangay IDs or similar documents bearing a picture of the member

  • Government Service Insurance System (GSIS) e-Card

  • Social Security system (SSS) Card

  • Senior Citizen Card

  • Overseas Workers Welfare Administration (OWWA) ID

  • Overseas Filipino Worker ID

Pros and cons

According to the EON Group's 2021 Philippine Trust Index (PTI), Pag-IBIG Fund was the most-trusted government-run corporation. The Fund also increased house loans by 49%, releasing more than ₱65 billion in home loans from January to September 2021. Because they are offered by the government, Pag-IBIG loans may be among the most popular in the Philippines. However, there are also cons to this type of loan.

Pros

  • You can renew your MPL after paying the equivalent of six monthly amortizations.

  • Your loan repayment includes a postponed first payment.

Cons

  • You have only 90 days after the proclamation of a state of calamity by the President's Office or the Sangguniang Bayan for your region of residence to apply for the Pag-IBIG Calamity Loan.

  • You get a reduced loan amount for a second credit amount since the remaining balance is deducted from the new one.

How to repay?

You may set up a salary deduction plan with your employer to pay your loan amortizations if employed. You can also pay your loan amortizations using Virtual Pag-IBIG or at any Pag-IBIG Fund branch.

FAQ

What can I use a Pag-IBIG MPL loan for?

The money you receive from the MPL loan can be used for various things, including paying for furniture, appliances, or electronic devices, paying utility bills, making minor home improvements, starting a small business, or paying for tuition and other education-related costs. 

Will applying for a Pag-IBIG loan affect my credit?

Yes. If you apply for a Pag-IBIG loan and do not make your payments on time, your credit score will decline.