QUICK GUIDE ON HOW TO APPLY PAG IBIG SALARY LOAN

At the point when you land your first work, your employer will hand you documents that will permit you to enlist with PhilHealth, SSS, and Pag-IBIG. While PhilHealth is your essential clinical protection supplier and the SSS distinguishes you as a private representative, the Pag-IBIG Fund is your entryway to monetary help by means of a Pag-IBIG Salary Loan.

One of the advantages of being a Pag-IBIG member is that you can apply for a Pag-IBIG Salary Loan. The “salary loan” part is in reference to the fact that the amount you can borrow is dependent on your Pag-IBIG contributions.

Here’s a quick guide to applying for a Pag-IBIG multipurpose loan.

Quick Guide on How to Apply for Pag-IBIG Salary Loan

The Pag-IBIG Salary Loan, also known as the Pag-IBIG Multipurpose Loan, is a cash assistance program every Pag-IBIG member can choose to avail. 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.

Calculations are made according to the individual’s membership term multiplied by his/her 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 PHP 2,880. The computation is as follows: 24 months (Pag-IBIG membership) x 200 monthly contribution ÷ .60

The amount you can loan rises 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.


Pag-IBIG Salary Loan Eligibility

To qualify for a Pag-IBIG Salary Loan, Pag-IBIG Fund members need to accomplish the following requirements:

• Have a total Pag-IBIG Fund savings of PHP 4,800 or at least 24 monthly Membership Savings (MS)
• Have made at least one Membership Savings within the last six months, as of month prior to the date of loan application
• Submission of sufficient proof of income

Note that Pag-IBIG members with an existing Pag-IBIG Housing Loan or Pag-IBIG Calamity Loan must not have a default account on the date of application.

Pag-IBIG Salary Loan Requirements

1. Photocopies of two valid photos and two signature-bearing IDs
2. Latest payslips equivalent to a month’s wage
3. An accomplished Pag-IBIG Multi-Purpose Loan Application form[1]

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 be sure to secure the following data as well:

1. Signature of Office Head/ or Authorized Representative
2. Employer/Company Name
3. SSS/GSIS No.
4. Agency Code and Branch Code

When you have all of these, submit your documents to your HR officer and coordinate your application with them. If you are self-employed, visit a Pag-IBIG branch near you and have your documents processed for approval.

You can also apply for loan renewal later on though it will require six months’ worth of payments towards your existing loan plus the outstanding balance together with any accumulated interest. Penalties and charges will be deducted from the new amount you take out.

The borrower’s penalty will be charged with 1% of the unpaid amount for each day of non-payment.

Due to the pandemic, Pag-IBIG announced that they’ve started accepting loan applications online. For employed members, the process is still the same: submit your requirements to your HR department and have them work on your application.

You can also apply for a Pag-IBIG Multipurpose Loan and other short-term loans using the Virtual Pag-IBIG platform.

Just register an account and apply for a multipurpose loan from there.

For self-employed members, all you have to do is fill up the application form, save it as a PDF file, and send it to the following Pag-IBIG email addresses. Also, attach a photocopy of your valid ID (front and back).