So You Want to
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| How To Compute Pag Ibig Salary Loan |
"Pa-i-big"
on a Loan? (But Don't Know Where to Begin?)Let's face it, adulting can be a real drag sometimes. Bills pile up faster than laundry, and sometimes, a little financial boost is just what the doctor ordered. Thankfully, for Filipinos, there's the Pag-IBIG Multi-Purpose Loan (MPL), also affectionately (and sometimes mistakenly) called the Pag-IBIG Salary Loan, to help us weather those financial storms. ⛈️
But before you go all "YOLO, loan time!", hold your horses (or should we say, carabaos?). Understanding how much "pag-i-big" you're eligible for is crucial.
Here's the lowdown, with a dash of humor (because adulting shouldn't be that serious):
Step 1: Unearthing Your Pag-IBIG Treasure ️♀️
Tip: Focus more on ideas, less on words.
Think of your Pag-IBIG contributions as buried treasure. The more you've contributed, the bigger the "pot of gold" you've accumulated. To find this treasure, you'll need to:
- Log in to your Pag-IBIG online account (or visit their nearest branch if you're more old-school).
- Navigate to the section that shows your "Total Accumulated Value" (TAV). This is basically the sum of all your contributions and their corresponding earnings.
Step 2: The Loan Factor Shuffle
Tip: Remember, the small details add value.
Now, imagine the TAV is like a delicious cake. Pag-IBIG allows you to borrow a slice of that cake, but the size of the slice depends on how long you've been a contributing member. Here's the deal:
- Less than 24 months: You get a 60% loan factor. Think of it as a slightly smaller slice.
- 24 months and above: You get a 70% loan factor. Now we're talking a more generous slice!
- 120 months and above: You're a Pag-IBIG veteran! You get an 80% loan factor, which is basically the biggest slice you can get.
Step 3: The Grand Calculation (AKA, Don't Panic!)
Alright, here's where the math comes in, but don't worry, it's nothing too scary! Just follow this formula:
QuickTip: Skim the intro, then dive deeper.
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Loanable Amount = TAV x Loan Factor
For example, if your TAV is ₱100,000 and you've been contributing for 36 months, your loan factor would be 70%. So, your loanable amount would be:
Tip: Read at your own pace, not too fast.
₱100,000 x 70% = ₱70,000
There you have it! You've successfully calculated your potential Pag-IBIG loan amount.
Remember: This is just an estimate. There might be other factors like outstanding Pag-IBIG obligations that could affect your final loanable amount. But hey, at least you're now armed with the knowledge to figure things out!
Bonus Tip: Pag-IBIG also offers a handy loan calculator on their website. https://www.pagibigfundservices.com/ac/ So, if you're feeling a bit lazy with the math, don't hesitate to use it!
So, the next time you hear someone say "Pa-i-big" about a loan, you'll be well on your way to understanding what it's all about. Just remember, responsible borrowing is key! Now go forth and conquer your financial goals, one calculated step at a time.
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