Pag-IBIG Multi-Purpose Loan (MPL): Complete Application Guide
Complete guide to Pag-IBIG Multi-Purpose Loan. Learn requirements, 10.5% interest rate, online application via Virtual Pag-IBIG, and loan computation.
The Pag-IBIG Multi-Purpose Loan (MPL) provides quick cash for personal needs. This guide covers eligibility, interest rates, and application process.
Loan Features
| Feature | Details |
|---|---|
| Loan Amount | Up to 80% of savings |
| Interest Rate | 10.5% per annum |
| Loan Term | Up to 24 months |
| Processing | 3-7 working days |
Eligibility Requirements
Contribution Requirements
- At least 24 monthly contributions
- At least 1 contribution within last 6 months
- Active member status
Account Requirements
- Good credit standing
- No outstanding MPL in default
- No housing loan in default
Loanable Amount
Your maximum loan is based on your Total Accumulated Value (TAV):
| Your Savings | Loanable Amount |
|---|---|
| P10,000 | Up to P8,000 |
| P25,000 | Up to P20,000 |
| P50,000 | Up to P40,000 |
| P100,000 | Up to P80,000 |
80% of TAV is the maximum loanable amount.
Interest Rate Details
| Parameter | Rate |
|---|---|
| Annual Interest | 10.5% |
| Service Fee | 1% (deducted from proceeds) |
| Late Penalty | 1/10 of 1% per day |
Required Documents
For Employed Members
- Multi-Purpose Loan Application Form
- Valid government ID
- Latest payslip
- Loyalty Card Plus or LandBank Cash Card
For Self-Employed/OFW
- Multi-Purpose Loan Application Form
- Valid government ID
- Proof of income
- Cash card for disbursement
How to Apply Online
Via Virtual Pag-IBIG
- Log in at pagibigfundservices.com
- Go to Apply for and Manage Loans
- Select Apply for Short-term Loan
- Choose Multi-Purpose Loan
- Complete application form
- Submit and wait for approval
Processing Time
- Online: 3-7 working days
- Branch: 5-10 working days
Loan Computation Example
For a P50,000 loan:
| Item | Amount |
|---|---|
| Loan Amount | P50,000 |
| Service Fee (1%) | P500 |
| Net Proceeds | P49,500 |
| Monthly Amortization (24 mo) | P2,316 |
Repayment Options
| Method | Details |
|---|---|
| Salary Deduction | For employed members |
| Virtual Pag-IBIG | Online payment |
| Branch Payment | Over-the-counter |
| Payment Centers | 7-Eleven, SM, Bayad |
Loan Renewal
You can apply for renewal when:
- At least 50% of current loan is paid
- Account is in good standing
- 6 months have passed since last loan
Frequently Asked Questions
How much can I borrow? Up to 80% of your total accumulated savings value.
How long is processing? 3-7 working days for complete applications.
Can I have MPL and Housing Loan together? Yes, if both accounts are in good standing.
What if I have existing calamity loan? Existing balance is deducted from new loan proceeds.
Contact Pag-IBIG
| Channel | Contact |
|---|---|
| Hotline | (02) 8724-4244 |
| contactus@pagibigfund.gov.ph | |
| Website | pagibigfund.gov.ph |
| Virtual Pag-IBIG | pagibigfundservices.com |
Use our Pag-IBIG MPL Calculator to estimate your monthly amortization and net loan proceeds.