Overview
The Pag-IBIG Fund, officially known as the Home Development Mutual Fund (HDMF), offers a range of financial services to its members, one of which is the Multi-Purpose Loan. This loan is designed to provide assistance to Pag-IBIG members for various needs such as home improvement, education, health, and many more. If you’re a Pag-IBIG member looking to secure a Multi-Purpose Loan, you’re in the right place. In this guide, we’ll walk you through the step-by-step process to make your application journey smooth and successful.
This Multi-Purpose Loan application uses the Virtual Pag-IBIG Mobile app so you no longer need to fill up an application form, provide IDs or any documents and most of all you no longer need to visit any Pag-IBIG branch. Before we start with your loan application, let’s see if we are qualified for a Multi-Purpose Loan.
Eligibility Requirements:
- You must be an actively contributing member with at least 24 monthly contributions (you can combine contributions from your previous employers if needed)
- Made at least one contribution within the last six months before applying
- Not have an existing Pag-IBIG housing loan that’s in default
Where Can you Use Your MPL:
- Medical Expenses
- Minor Home Improvement
- Capital for Small Business
- Tuition Fee and Other Education-related Expenses
- Purchase of Furniture, Appliances or Electronics Gadgets
- Payment of Utility and Credit Card Bills
- Vacation and Travel
- Special Events
- Car Repair
How To Apply Multi-Purpose Loan In Virtual Pag-IBIG App
Step 1
First, open your Virtual Pag-IBIG mobile app in phone and login to your Account:
Step 2
In the home page screen, enter your username and password then click “LOG IN” button:
Step 3
Click the “Main” page at the bottom of the screen.
Step 4
Under Product and Services, click the “Multi-Purpose Loan” logo.
Step 5
Then click “Apply Now” tab
Step 6
Click again the “Apply Now” button
Step 7
The screen is now showing your total savings and the estimated loan you can borrow which is up to 80% of your Total Savings. Then just scroll down.
Step 8
If you want to borrow the maximum 80% of your savings, just check the circle “Maximum Net Proceeds“, else you can input any lower amount you need on the “Enter Desired Amount” input box. Then on the drop down menu next to it, select the purpose of your loan and the term or of payment you wish to pay. Then click the “GET COMPUTATION” button.
Step 9
On the screen below, select your enrolled Loyalty Card Plus as the partner bank at which your loan amount will be disbursed. Then tick the circle which states that you agree on the Terms and Condition. Then click the “SUBMIT” button.
Step 10
Click again the Submit button.
Step 11
To authenticate your transaction, the application will send an OTP to your registered mobile number. Once received just input it on the space provided and click the “PROCEED” button.
Step 12
Now you have just finished your loan application via mobile app and you will receive an SMS notification consequently about the said transaction. However the status is still pending since the application needs to be approved by your employer. Just let your HR personnel to approve your loan application the soonest.
Step 13
Once you HR approved your application, it will be forwarded to Pag-IBIG Fund for processing. You will also receive an SMS notification about this progress in your application.
Step 14
Once your application is approved by your employer and submitted, Pag-IBIG will conduct the necessary verification and credit investigation. This process may take a few days. If your application is approved, you’ll see it the MPL status of Virtual Pag-IBIG account similar below.
Step 15
And Voila! Your loan proceeds will be disbursed in your Pag-IBIG loyalty card plus!
Most Frequently Asked Questions:
How Much Can I Borrow From Multi-Purpose Loan?
You can borrow up to 80% of your total Pag-IBIG Regular Savings. To estimate the loan amount you’re eligible for, you can log in to your Pag-IBIG online account or visit a Pag-IBIG branch.
How Much Is The Interest of Multi-Purpose Loan?
The MPL comes at a low interest rate of 10.5 percent per annum.
I Have An Existing MPL, When Can I Renew My Loan?
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.
Final Thought
Applying for a Multi-Purpose Loan in Pag-IBIG Fund is a straightforward process that offers valuable financial assistance to its members. By following these steps and staying updated with your contributions, you can easily secure the funds you need for various purposes while enjoying the benefits of being a responsible Pag-IBIG member.
Now regarding to repayment of your Multi-Purpose Loan, it is done through salary deduction, for employed members, or via monthly payments at any Pag-IBIG office or accredited payment center. Keep track of your payments and maintain good standing to enjoy a hassle-free loan experience next time.
If you haven’t downloaded yet the Virtual Pag-IBIG Mobile app and create your account, here’s the link to make one:
How To Create Your Pag-IBIG Virtual Account
Then to link your Pag-IBIG Loyalty Card Plus (Union Bank) to Union Bank Mobile app, here’s your guide:
How To Link Your Pag-IBIG Loyalty Card Plus to Union Bank Mobile App
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