How to Apply for PAG-IBIG’s Multi-Purpose Loan

SSS (Social Security System) and PAG-IBIG both offer loan programs for their members here in the Philippines. Most are aware on how to apply for an SSS Salary Loan. I guess it’s because it is relatively easier and more convenient versus applying for the PAG-IBIG Multi-Purpose Loan (MPL). I myself have applied for an SSS Salary Loan twice. Their online portal made it easier to apply for a loan. Aside from that, you will receive a higher amount vs. what you will receive if you apply for the MPL.

This doesn’t mean that you shouldn’t maximise the loan offering that PAG-IBIG is offering. Just think of it this way, you are paying them a monthly fee so might as well find purpose in what they can offer you.

What Is PAG-IBIG’s Multi-Purpose Loan

The Multi-Purpose Loan, simply put, is a loan that you can use for pretty much anything. Under their definition, it can be filed by a member to aid for house repair, educational assistance, health and wellness purposes, home enhancement, or other purposes.

Under this definition, you can use it to buy concert tickets or even pay your child’s tuition fee.


Steps In Applying for PAG-IBIG’s Multi-Purpose Loan

Here is a step by step guide on how you can get the MPL Loan. I hope the steps I have laid out for you below are easy to follow.

  1. Check first if you are eligible to get a loan from PAG-IBIG. You need to at least have 24 monthly contributions to be eligible for the Multi-Purpose Loan. You can do this by contacting them via phone (02-724-4244), email (, or Facebook PM ( ). You also should have 5 contributions made within the last 6 months.
  2. If you are eligible for the loan, download and fill up the application form and the prepaid card form. For your application form, make sure that two witnesses will sign on it.
  3. Prepare a photocopy of 2 valid IDs with signature, you can also add three specimen signatures on the photocopy page for their reference.
  4. Provide a copy of your latest pay slip (this should be equivalent to one month pay).
  5. Submit this to your HR if you are employed. You can also submit to the Pag-Ibig branch you are registered under.
  6. Wait for their update and release of the loan. Please note that they don’t release cheques or cash. They give you the loan through cash cards (which is either a Citibank Prepaid Card or Landbank Prepaid Card).

How Much Can I Receive from the Multi-Purpose Loan

This is the tricky portion of the MPL Loan. Unlike SSS which has a standard of P15,000/P30,000 loanable amount, MPL’s amount varies depending on how many month’s contributions you have paid.

This is why it is important to know as well how many contributions you have made. The percentage increases depending on the number of contributions you have made. For your easier reference here’s a table guide:

Number of Contributions Loanable Amount Sample Computation
24 – 59 Months Up to 60% of the Total Accumulated Value of your contributions 24 Mos Contribution x 60%:

(P100x24) x 60% = P1,440

60 – 119 Months Up to 70% 60 Mos Contribution x 70%:

(P100x60)x70% = P4,200

120 Months and above Up to 80% 120 Mos Contribution x 80%:

(P100x120)x80% = P9,600


How do I pay PAG-IBIG and How Much is the Interest?

Similar to SSS Salary Loan, the PAG-IBIG Multi-Purpose Loan has an interest rate of P10.75 per annum. This interest rate is paid equally throughout that repayment period.

The repayment period of the loan is also 2 years, again similar to SSS Salary Loan. So the amount you have to pay monthly is not the big. It is also easy to pay your MPL. If you are employed it will be through salary deduction but if you are self-employed you can either; arrange an auto-debit payment scheme or pay over the counter.

I do hope this post helps you out if you are planning to avail of PAG-IBIG’s Multi-Purpose Loan. Do feel free to ask me if you have any questions or contact PAG-IBIG directly.