In this post we are going to explore the details about the PAG-IBIG salary loan. PAG-IBIG is a Philippine nation fund service organization that is controlled by the local government. This organization is designed to help the Philippine citizens with loan giving services to fulfill the needs at very minimum interest rate which has impeccable and authentic online system.
The virtual structure covers all sectors of community and provides help without any discrepancy. According to their system citizens are categories in three sections first members, second employs, third developers. This organization has dual system in which you can be stakeholder of the institute by investing your money and saving them for the later uses.
By investing money you will be a member and can avail so many benefits offered by the company. On that saving you can be able to wiredraw salary loan to meet the need after that you have to return the amount in installment and payment which is quite easy way to have loan on your money.
Pag Ibig Salary Loan
So we will investigate more features of the salary loan. It also called multi –purpose salary loan and this type of loan is designed to meet the immediate financial needs of the members.
Salary loan purposes
Here we see the purposes for that PAG-IBIG give loan to the members. You need to declare the purpose for which you apply for the loan so mentioned below:
- Home improvement/ renovation
- Livelihood/ up gradation of small business
- Educational expenditures
- Health and medical emergences
- Purchase of appliances /furniture
- Payment of utility bills / credit card
- Traveling expense
- Event expense
Procedure to qualify for salary loan
- You will have to accomplish the procedural qualifications for the salary loan
- 24 month membership saving under the PAG-IBIG saving program
- Active membership is required at least one month saving with 6 months prior the application of loan
- The member must not be defaulter in any other loan
- Provide the income proof for the application of salary loan
Amount can be borrowed
- The qualified members who are able to justify the requirements can borrow 80% of total amount PAG-IBIG saving that is on the monthly basis of their salary.
- The amount of the salary loan is decided on the saving amount so maximum saving can offer maximum loan amount.
Procedure to apply for salary loan
- The entire e system of PAG-IBIG is very easy to understand and accessible for everyone.
- Upload your application form and required documents.
- Receive STL strap line receipt.
- After getting date schedule get the loan
Required documents for salary loan
- Application form
- Valid ID card
- Income proof document
- Certificate of company where the member is working
- ITR, income statement, tax pay certificate from bank,
- Commission voucher
- Bank statement for last 12 month
- Transport franchise certificate
- Employment contract
- Certificate of employment and compensation
- Driving license
- PRC, NBI, GSIS, SSS CARD, OWWA, SIRB
- Police clearance
- Voter id, postal id
Interest rate on salary loan
The most important point is the interest rate of the loan on which you will be able to have loan. PAG-IBIG offers lowest interest rate 10.5% annum on the salary loan which is quite low than the other banks and forum in Philippine and it is very return with simplest installments from your salary on monthly basis.
Return/ repay the PAG-IBIG salary loan
The loan is payable within the three years 36 month and also can pay within 2 years 24 month depend how feasible to the member and how much amount could be deducted from salary in terms of installment. This can be return through online system or by visiting the near PAG-IBIG branch.
Check This Pag ibig Housing Loan Calculator
Renew procedure of salary loan
Members can be renewing the salary loan after paying the amount that is equal to 6 month amortization and accomplishment of the eligibility requirements. If the amount of loan is reasonable would be deducted from the new loan. For the further details please visit here.