Short-Term Loan Program

As a member of Pag-IBIG, aside from availing the most sought after Housing Loan program, he/ she may qualify to avail the Fund’s Multi-Purpose Loan, if the following elements are satisfied:

1. he/ she has contributed at least a minimum of twenty-four (24) residency-monthly contributions; &
2. updated at the time of loan availment.

Should the member be inactive but has contributed a total of twenty-four (24) monthly contributions (or over), an actual six (6) reactivating monthly contribution (residency) should be first made.

A member may borrow 60% to 80% of his Total Accumulated Value (overall savings), depending on the member’s actual number of months made with the Fund,:

24- 59 months [less than five (5) years]= 60% of total savings;
60-119 months [five (5) years to less than ten (10) years] = 70% of total savings;
120 months & above [ten (10) years or more] = 80% of total savings.

Other significant features of this loan are:

* Short-term payment scheme- 24 months to pay;
* Renewable every six (6) months or payment of 25% of the loan’s overall balance;
* 10.75% interest rate per annum;
* Payable in equal monthly payments either through salary deduction (for employed), or through over-the-counter payments (for self-employed, self-paying, or Pag-IBIG Overseas Program [POP] members)
* Fast processing time, one (1) day for first-time borrowers, & two (2) to three (3) days for loan renewal. Loan release may be claimed either through check voucher, or via the Payroll Credit Systems Validation (PACSVAL)- if the member has an ATM account with either the LBP/DBP;
* Offsetting is allowed if member can no longer settle the obligation due to separation from service, or due to justifiable reasons;
* Lets you enjoy rebate or discount if the total obligation is paid in full (or if loan is renewed) earlier than two (2) years;
* No service charges upon application, no pre/termination fee.