In 2021, Pag-IBIG announced that cash loans released for its member-borrowers amounted to ₱36.5 billion. [1] Pag-IBIG also extended its loan term from two to three years, so borrowers can take advantage of this Pag-IBIG loan to cover financial emergencies and other urgent expenses.
Interested in applying? Here’s what you need to know about the Pag-IBIG Multi-Purpose Loan, also known as the Pag-IBIG Salary Loan
The Pag-IBIG Multi-Purpose Loan is a cash assistance program every Pag-IBIG member can avail of. If you’re a qualified member, you can borrow up to 80% of your Pag-IBIG regular savings and have your loan processed in as fast as two days.
Since this is a multi-purpose loan, you can use it to pay for the following:
How much is the first salary loan in Pag-IBIG? Calculations for the Pag-IBIG Multi-Purpose Loan amount are made according to the individual's membership term, multiplied by their monthly contribution. From there, a 60% loan factor is applied.
For example, an individual who has been a Pag-IBIG member for 24 months can only loan ₱2,880. The computation is as follows:
24 months (total Pag-IBIG membership contribution) x ₱200 (monthly contribution) x .60
The amount you can loan increases as your monthly contributions increase, and so does the loan factor. An employee who has made contributions for 120 months or more can take out a loan at an 80% factor.
What about if you have an existing loan? How much would be your maximum loanable amount?
You can still apply for a Pag-IBIG Multi-Purpose Loan even if you have existing loans with Pag-IBIG, like a Calamity Loan. Your loanable amount will be the difference between your current loan balance and 80% of your contribution's Total Accumulated Value (TAV).
To qualify for a Pag-IBIG Multi-Purpose Loan, Pag-IBIG Fund members need to meet the following requirements:
You also need to be an active Pag-IBIG member at the time of loan application, with at least five monthly contributions for the last six months. The application form will require your employer’s information, so secure the following data:
If you’re eligible and with complete loan requirements, submit your documents to your HR department and coordinate your application with them.
For self-employed members, visit a Pag-IBIG branch near you and have your documents processed for approval.
You can also apply for loan renewal later, though it will require six months’ worth of payments toward your existing loan plus the outstanding balance with accumulated interest. Penalties and charges will be deducted from the new amount you take out.
The borrower’s penalty will be charged 1% of the unpaid amount for each day of non-payment.
You can apply for a Pag-IBIG Multi-Purpose Loan and other short-term loans using the Virtual Pag-IBIG platform. Take note that getting a Virtual Pag-IBIG Multi-Purpose Loan is available only to members who meet the following conditions:
Before applying for a Pag-IBIG Salary Loan online, make sure to prepare the following requirements:
Yes, self-employed members with a Pag-IBIG Loyalty Card Plus card or Cash Card can also apply online by uploading the completed loan application form and other requirements.
Another option is via email filing. Fill up the loan application form and save it as a PDF file. Attach a copy of your valid ID (front and back) with three signatures and the Declaration of Income. [3] Send them to the following Pag-IBIG email addresses:
| Pag-IBIG Email | Areas Being Served |
|---|---|
| ncrnorth@pagibigfund.gov.ph | GMA Kamuning, Quezon Avenue, Commonwealth Avenue, Cubao, Marikina, Caloocan – EDSA, Valenzuela, Pasig, Mandaluyong - Shaw Zentrum and Antipolo branches |
| ncrsouth@pagibigfund.gov.ph | Makati-Buendia I, Binan, Makati-Ayala Avenue, Makati-Buendia II, Makati-JP Rizal, Taguig - Gate 3 Plaza, Guadalupe-EDSA, Muntinlupa, SM Aura, Intramuros, Sta. Mesa, Binondo, Pasay, Las Pinas-Robinsons Place, Paranaque, Imus, Rosario, and Dasmarinas branches |
| Ilocos@pagibigfund.gov.ph | La Union, Laoag, Vigan, Dagupan, Urdaneta, and Baguio branches |
| cagayanvalley@pagibigfund.gov.ph | Tuguegarao, Solano, and Cauayan branches |
| centralluzon@pagibigfund.gov.ph | San Fernando, Tarlac, Angeles, SBMA, Balanga, Malolos, Baliwag, Cabanatuan, and Meycauayan branches |
| southerntagalog@pagibigfund.gov.ph | Lucena, Batangas, Lipa, Calamba, San Pablo, Sta. Rosa, Calapan, and Palawan branches |
| bicol@pagibigfund.gov.ph | Legazpi and Naga branches |
| centraleastvisayas@pagibigfund.gov.ph | Cebu-Ayala, Dumaguete, Talisay, Toledo, Cebu-Colon, Mandaue, Danao, Mactan, Tagbilaran, Tacloban, Calbayog, and Ormoc branches |
| westvisayas@pagibigfund.gov.ph | Iloilo-Manduriao, Iloillo-Molo, Kalibo, San Jose de Buenavista, Roxas, Bacolod, Kabankalan, and Sagay branches |
| northmindanao@pagibigfund.gov.ph | CDO-Lapasan, CDO-Carmen, Valencia, Butuan, San Francisco, Surigao, and Iligan branches |
| westmindanao@pagibigfund.gov.ph | Zamboanga, Dipolog, and Pagadian branches |
| southwestmindanao@pagibigfund.gov.ph | Davao-Bajada, Davao-Matina, Davao-Lanang, Digos, Tagum, Panabo, General Santos, Polomolok, Koronadal, Kidapawan, and Cotabato branches |
When you receive approval for your Pag-IBIG Multi-Purpose Loan application, you may choose from any of the following modes of loan release:
Need cash fast? For a faster loan process, consolidate the places you’ve worked at through Pag-IBIG. FPF400 [4] allows Pag-IBIG members to transfer their membership records and loan details, effectively consolidating all their information and making it easier for the agency to process the loan. Get this form online to submit to your nearest Pag-IBIG branch, along with other loan requirements.
Request this workplace consolidation form and make sure the agency has a complete record of your work history. If you’ve worked in one general area throughout your career, this should facilitate a quicker loan processing time.
You should pay your loan on time to avoid debt and high interest rates. Borrowers can now pay their Pag-IBIG Multi-Purpose Loan over an extended payment term of three years. They now have more time to pay off their loans and make their monthly payments lower.
Employed members can pay for their loan through salary deduction, while individual payers or voluntary members can pay their voluntary contributions through a Pag-IBIG office or these payment channels:
The interest rate is 10.5% per annum. Although Pag-IBIG may earn from loans it extends to its borrowers, it’s good to know that member-borrowers can receive a portion of these earnings in the form of dividends.
Qualified members who apply for the Pag-IBIG Multi-Purpose Loan can have their loan processed in as short as two days.
Borrowers can now pay off the loan for up to three years. If you didn't indicate the term, you can pay off the loan in three years as default.
You can check your Multi-Purpose Loan application status via the Virtual Pag-IBIG Loan Status Verification page. [5] Choose Multi-Purpose Loan from the dropdown box and enter your Pag-IBIG MID number and last name. You'll see the Short-Term Loan Status Tracker. View whether your application has already been received, reviewed, and approved.
Delays in monthly payments will be penalized daily with one-twentieth of one percent (1/20 of 1%) of the unpaid amount.
Borrowers who fail to pay on time will still be charged with penalties. However, the penalty will be reversed upon submission of proof that the employer is at fault. The employer will be charged one-tenth of one percent (1/10 of 1%) per day of delay.
Yes. Your unpaid MPL balance will be offset against your TAV for the following reasons:
You can pay your MPL directly to Pag-IBIG if you:
You can renew your multi-purpose loan after paying an amount equivalent to six monthly installments. However, you may also need to check if you’re eligible for renewal. But once your renewal application is approved, your remaining balance from your existing loan will be deducted from your new loan.
Paying your Pag-IBIG contributions can be very rewarding, especially if you take advantage of financing programs like the multi-purpose loan. Aside from offering low interest rates, Multi-Purpose Loans in Pag-IBIG also allow for restructuring programs and payment extensions depending on your situation. Thus, you can still achieve your financial goals even when funding solutions are limited.
If you require further clarifications or assistance, email the Pag-IBIG help desk at publicaffairs@pagibigfund.gov.ph or call the hotline at (02) 724-4244.
Looking for other loan options? You can compare personal loans and apply for one directly through Moneymax!
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