How to Secure a PAG-IBIG Salary Loan in Simple Steps?

Are you seeking for a PAG-IBIG salary loan to help you meet your urgent financial demands? A PAG-IBIG salary loan can offer the assistance you require, whether it’s for buying new devices and appliances, for house renovations, medical expenses, or educational costs. You may easily apply for and obtain a loan with the help of this simple guidance, which will help you swiftly and effectively reach your financial goals.

Eligibility Requirements

The following conditions must be satisfied for you to be qualified for a PAG-IBIG salary loan:

Savings Requirement
– You must have at least 24 monthly Membership Savings (MS) or a total of PHP 4,800 in PAG-IBIG Fund savings. This proves that you are eligible for the loan and that you are dedicated to the savings program.

Active Membership
– Make sure that during the six months preceding the date of the loan request, you have contributed at least one month’s worth of membership savings. To be regarded as an active member of the PAG-IBIG program, you must have consistently saved money for a minimum of 24 months.

Verification of Income – You need to produce and turn in an official document confirming your source of income when you apply for a salary loan. This document backs up your loan application and verifies your income.

Fulfilling these prerequisites will contribute to a seamless application procedure for your PAG-IBIG income loan, granting you access to the money you require for all kinds of financial emergencies.

List of Required Documents

You must get the following paperwork to apply for a PAG-IBIG salary loan:

  • HQP-SLF-065 MPLAF Original Application Form – Verify that you possess the original, accurately completed application form for the salary loan.
  • Evidence of Income – For those who are formally employed in particular, a letter attesting to your income is needed.
  • Photocopy of Certified PAG-IBIG ID or Approved ID: Please provide a duplicate copy of your PAG-IBIG ID or another recognized form of identification.
  • Photocopies of Two Valid IDs – Please send copies of two valid identifications that bear your signature and photo.
  • Most Recent Pay slips – Please send your paystubs, which should cover at least one month’s worth of wages.

Employment letter for Self-Employed Workers (any of the following)

  • A copy of ITR, Member’s tax payment receipt, and Audited Financial Reports. These documents are supported by a Business Permit or Mayor’s Permit and the DTL Registrant of your bank.
  • Original Commission Slip; Ensures issuer’s contact information and name
  • Your Original Passbook or bank-authorized statement of about 12 months. This document works when your income source is the pension, foreign remittance, etc.
  • Original form of your business owner delivered to you while engaging you for this job. 

Furthermore, you’ll need to get specifics from your company because the application form needs the following information:

  • The office head’s or an authorized representative’s signature
  • Employer or Name of Company
  • GSIS or SSS Number
  • Branch Codes and Agency Codes

You can utilize the subsequent documentation to apply for a PAG-IBIG salary loan if you are a self-employed worker:

  • ITR, Tax Receipt, and Audited Financial Reports: Accompanied by a DTI Registration for the bank and a Business Permit or Mayor’s Permit.
  • Authentic Commission Slip: The name and contact information of the issuer must be included.
  • Original Passbook or 12-Month Bank Statement: Beneficial in cases when you receive pension payments or other remittances.
  • Original Business Engagement Form: Given to you when you were employed by the company owner.
  • Provide the original slip for the income confirmation certificate.
  • Photocopy of the Transport Franchise Certificate, issued by the appropriate government agency (LTFRB, LGU, etc.).
  • To be eligible for a loan, these papers must attest to your income and job status.

Your PAG-IBIG salary loan application process will go more smoothly and quickly if you have these materials and information available.

Application Process 

Online

To apply online for a PAG-IBIG Salary Loan, do the following:

Electronic Submission:

Step 1: Go to the Pag-IBIG webpage or click this link https://www.pagibigfundservices.com/virtualpagibig/ 

Step 2: Upload the necessary documents and the completed MPL application form to Virtual PAG-IBIG.

Apply by Email:

Step 1: Fill Out the Form. Get the wage loan application form and fill it out.

Step 2: Send the completed form by email to the HR coordinator or a designated representative of your firm. Make sure you enclose photocopies of the following, both front and back:

  • Card from Landbank
  • Authentic ID
  • The UCPB card
  • DBP credit card
  • Plus Loyalty Card

Step 3: Employer Confirmation – An email confirming receipt of your wage loan application will be forwarded to the relevant PAG-IBIG department for additional processing by the authorized manager of your company.

Walk in

You can apply over the counter:

Step 1: Submit Documents

Bring your filled MPL application form to the closest PAG-IBIG branch, together with all necessary supporting documentation. 

Step 2: Get a Receipt

Make sure you get a receipt for the work you did. 

Step 3: Claim Loan

On the day of scheduled release, pick up the amount of your loan.

Loan Terms & Conditions

Loan Amount – The total amount of funds you have accrued via PAG-IBIG and the duration of your membership determine the loan amount

Interest Rate – A fixed interest rate of 10.5% annually is applied to all eligible applicants for the loan.

Repayment Period – With a postponed first payment option, the loan may be repaid over a maximum of three years (36 months). Members also have the option of a two-year (24-month) repayment period, which is shorter.

Payment Method – Employed members have the option to have their employer take loan amortizations straight from their wages.

Penalties and Interest – Throughout the loan, interest will be charged. Penalties for late payments may result in a large increase in the total amount due.

Processing Time – After the application is submitted, the loan is normally processed in two to three weeks.

Loan Renewal – If you have paid back your existing loan in full after at least six months of installments, you may be eligible for a renewal.

Loan Release – The money will be deposited into the bank account or cash card you have specified.

Important Tips

Check Your Eligibility – Before applying, make sure you fulfill the necessary savings and PAG-IBIG membership requirements.

Recognize Interest Rates – Know how your repayments will be impacted by the fixed 10.5% yearly interest rate.

Make On-Time Payments – Prevent further fines and increase overall expenses by not making late payments.

Examine Documents – Before submitting, verify the accuracy of all necessary documents.

Maintain Records – For future use, keep copies of your application and receipts.

You may prevent typical problems and handle your PAG-IBIG Salary Loan more easily with the help of these recommendations.

FAQs

How much may I borrow with a PAG-IBIG Salary Loan up to the utmost amount?

Up to 80% of your total PAG-IBIG funds can be borrowed as the maximum amount.

If I already have a loan, can I still apply for a PAG-IBIG salary loan?

Yes, provided you fulfill the requirements for qualifying and keep up with your current loan payments.

If I’ve made a mistake on my loan application form, what should I do?

To fix the issue or, if necessary, submit an amended application form, get in touch with PAG-IBIG right away.

Can pensioners apply for a Salary Loan under PAG-IBIG?

No, applications for salary loans are only accepted from current PAG-IBIG members.

What typical grounds are there for rejecting a loan application?

Common reasons include missing contributions, insufficient PAG-IBIG savings, and inadequate documentation.