The Pag-IBIG Multi-Purpose Loan or MPL is a cash loan designed to help qualified Pag-IBIG Fund members with any immediate financial need.
The Pag-IBIG MPL can be used for any of the following purposes:
- Medical expenses;
- Minor home improvement;
- Capital for a small business;
- Tuition fee and other education-related expenses;
- Purchase of furniture, appliances or electronic gadgets;
- Payment of utility and credit card bills;
- Vacation and travel;
- Special events;
- Car repair; or
- Other needs
You must have the following to qualify for the loan:
- At least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program;
- Active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application;
- If with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default; and
- Proof of income.
Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned.
This means that the more you save in your Pag-IBIG Regular Savings, the higher loan amount you may apply for via the MPL.
If you have an outstanding Pag-IBIG Calamity Loan, the amount you may borrow shall be the difference between the 80% of your total Pag-IBIG Regular Savings and the outstanding balance of your Pag-IBIG Calamity Loan.
You can easily apply for a Pag-IBIG MPL via the following options:
- Online, via Virtual Pag-IBIG by:
- Uploading your duly accomplished loan application form and requirements*; or
- Completing the Pag-IBIG MPL application online form, for members whose employers are enrolled under the Virtual Pag-IBIG for Employers**
- Over-the-counter, by submitting your duly accomplished loan application form and requirements through your employer or personally, at the Pag-IBIG Fund branch nearest you.
*available to members with a Pag-IBIG Loyalty Card Plus or cashcards issued by any of Pag-IBIG Fund’s partner banks for such purpose.
** available to members with a Pag-IBIG Loyalty Card Plus only
The MPL comes at a low interest rate of 10.5 percent per annum.
It is worth to note that a significant part of the income derived by Pag-IBIG Fund from the MPL’s interest is returned to its members in the form of dividends.
The loan is payable within three years or 36 months and comes with a deferred first payment. Members may also opt to pay their loans in two years or 24 months.
If you are an employed member, you may pay your loan amortizations via a salary deduction arrangement with your employer. Should you wish to accelerate or advance your payments, you may do so via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our accredited collecting partners’ outlets or their online payment channels.
If you are a self-employed individual or an Overseas Filipino Worker (OFW), you may pay your loan amortizations via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our accredited collecting partners’ outlets or their online payment channels.
You may renew your Pag-IBIG MPL after paying an amount equal to at least six (6) monthly amortizations and upon satisfying the eligibility requirements.
The outstanding balance of your existing loan shall be deducted from the loan proceeds of your new loan.
To know more about the Pag-IBIG Multi-Purpose Loan, you may download Pag-IBIG Fund Circular No. 448, Modified Guidelines on the Pag-IBIG Multi-Purpose Loan (MPL) Program by clicking here