MANILA, Philippines – The Pag-IBIG Fund has updated its loan application process to allow the digital processing of loans including Calamity Loan, amid the threat of novel coronavirus disease (COVID-19) in the country.
Most Filipinos are now in need of financial assistance after business operations were ordered suspended amid the fight against the spread of coronavirus.
Pag-IBIG Fund’s Calamity Loan Program seeks to provide immediate financial aid to its affected members in calamity-stricken areas.
Those who are qualified to apply are actively contributing members “residing in areas included in the declaration of a state of calamity by the Office of the President or the local council,” according to Pag-IBIG’s Calamity Loan Program FAQ.
President Rodrigo Duterte placed the Philippines under a state of calamity last March 17.
The loan applicant must also have at least 24 monthly membership savings and sufficient proof of income to qualify.
“If you have an existing Pag-IBIG Fund Housing Loan, MPL and/or Calamity Loan, your payments must be updated for you to qualify,” its FAQ reads.
On its Facebook page, Pag-IBIG said it released an updated guide on how its members can digitally apply for Multi-Purpose Loan and Calamity Loan to “accommodate members who have no access to a printer.”
Here’s how to digitally apply for a loan:
2. Save the filled-out form as PDF file
3. Send the PDF file via email to your company Human Resources (HR) department, authorized company representative, or Fund Coordinator along with one valid ID and the front and back images of your Loyalty Card Plus, or Landbank, UCPB or DBP cash card.
Pag-IBIG Fund said the company HR, authorized representative, or Fund Coordinator shall e-mail the following to the Pag-IBIG Fund email address designated for your area:
1. Your loan application and requirements
2. The filled-out ‘Employer Confirmation of STL Application’ bearing your name. Your authorized company representative or Fund Coordinator can download this fillable form via this link.
The Pag-IBIG Fund said qualified members may borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned.
“If you have an outstanding Multi-Purpose and/or Calamity Loan, the amount of loan you will receive shall be the difference between the 80% of your total Pag-IBIG Regular Savings and the outstanding balance of your loan/s,” the FAQ read.
When should eligible members avail of the loan?
The agency said eligible borrowers must avail of the Calamity Loan within a period of 90 days from the declaration of a state of calamity.
The loan is payable within 24 months and comes with the initial payment due on the third month after the loan release.
Formally-employed members shall pay their loan amortization through a salary deduction arrangement with their employer while self-employed individuals, overseas Filipino workers, and all other individual payors may pay their amortization at any Pag-IBIG Fund branches.
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