The Pag-IBIG Multi-Purpose Loan Calculator is a convenient online tool that allows Pag-IBIG members to input specific loan details and instantly receive an estimate of their monthly payments. This calculator is particularly useful for members who are considering applying for a multi-purpose loan, as it provides a clear understanding of the financial obligations involved.
Pag-IBIG Multi-Purpose Loan Calculator
How to Use the Pag-IBIG Multi-Purpose Loan Calculator
Using the Pag-IBIG Multi-Purpose Loan Calculator is quick and easy. Simply follow these steps to effectively utilize the tool:
Access the Calculator – Navigate to the Multi-Purpose Loan Calculator page on our website: https://pagibigcalculator.com/multi-purpose-loan-calculator/.
Input the Required Information – Enter the required information into the calculator: Total Pag-IBIG Regular Savings, Desired Loan Amount, and the current dividend rate.
Select the Loan Term – Choose the loan term that suits your repayment capacity. Pag-IBIG MPLs usually have terms ranging from 24 to 36 months. Longer terms result in lower monthly payments but increase the total interest paid over the life of the loan.
Input the Interest/Dividend Rate – The Pag-IBIG MPL has a fixed dividend rate, which is generally lower than other types of personal loans. So make sure that you use the current dividend rate that is available on the Pag-IBIG website.
Calculate – Click the “Compute” button and wait for the estimated result of your chosen loan term.
Review the Results – Carefully review the estimated monthly payment, total repayment, and the total maximum loan amount. If the payment is too high for your budget, consider adjusting the loan amount or term and recalculating until you find a more manageable repayment plan.
Clear – If you want to calculate more without having to delete everything, or if you just want to reset all the textbox, simply click this button.
FAQs
What is the Pag-IBIG Multi-Purpose Loan Loan Calculator?
The Pag-IBIG Multi-Purpose Loan Loan Calculator is an online tool that helps members estimate their monthly loan repayments for a loan based on the loan amount, term, and interest rate.
Who can use the Pag-IBIG Multi-Purpose Loan Loan Calculator?
Any Pag-IBIG member who is considering applying for a loan can use the calculator to get an estimate of their monthly amortization and better plan their finances.
What information do I need to use the Pag-IBIG Multi-Purpose Loan Loan Calculator?
The information required by the Pag-IBIG Multi-Purpose Loan Calculator is the type of savings you have, your monthly contribution, and the dividend rate.
Can I save my calculation results for future reference?
The calculator does not have a save function, but you can manually record the results or take a screenshot for future reference.
What should I do if I encounter an error while using the calculator?
If you encounter an error, try refreshing the page or using a different browser.
How does the Pag-IBIG Multi-Purpose Loan calculates the monthly repayment?
The Pag-IBIG Multi-Purpose Loan Calculator uses the following formula to estimate the monthly repayment:
mr = (la * (mir * (1 + mir)^lt)) / ((1 + mir)^lt – 1)
Where:
mr = Monthly Repayment
la = Loan Amount
mir = Monthly Interest Rate
lt = Loan Term in Months
For example, if you have a loan amount of ₱40,000, a 24-month loan term, and an interest/dividend rate of 10.5% per annum:
- The monthly interest rate (mir) is 10.5% divided by 12, which is 0.00875.
- The loan term in months (lt) is 24 months.
The calculator will estimate a monthly repayment (mr) of ₱1,855.04.
I get a notification “The desired loan amount of ₱xxxx.xx exceeds the maximum loan amount… and so on”. What is it exactly?
Make sure that the maximum loan amount that you can borrow is 80% of your Total Pag-IBIG Regular Savings.
Important Tips
To make the most of the Pag-IBIG Multi-Purpose Loan Calculator, consider the following important tips:
Check Your Eligibility – Ensure that you meet the eligibility requirements for the Pag-IBIG Multi-Purpose Loan.
Plan Your Finances – Make sure the estimated monthly payments fit within your budget and do not strain your financial resources.
Stay Updated on Interest Rates – The interest rate for the MPL is fixed, but it’s essential to verify the current rate from the Pag-IBIG website to ensure accurate calculations.
Understand the Loan Terms – You should try to read the loan terms as much as possible especially the repayment schedules, penalties for late payments, and other important details.
Seek Professional Advice – If you have any problems or questions about the loan process, you should consider consulting a Pag-IBIG representative or a financial advisor forpersonalized advice and guidance.