How To Re Loan In Sss With Existing Loan

How To Re Loan In Sss With Existing Loan – At some point, you will encounter unexpected expenses that do not fit into your budget. If you’re short on cash right now, two financing options can help: the SSS Salary Loan and the Pag-IBIG Multipurpose Loan. To help you decide which one is best for your current situation, here is a SSS and Pag-IBIG loan comparison guide that covers everything you need to know about these loans. SSS Loan vs Pag-IBIG Loan: Overview Let’s start this SSS loan and Pag-IBIG loan by comparing their similarities. SSS and Pag-IBIG loans provide short-term financial assistance to eligible members. Pag-IBIG Multipurpose Loan or MPL is a cash loan that qualified members can apply to finance any immediate financial need.[1] SSS Salary Loan, on the other hand, is a cash loan given to an employee or self-employed/volunteer to help meet short-term credit needs.[2] Here is a list of situations where you can use the loan money: Minor home improvements Car repairs Additional capital for your small business Education-related expenses such as tuition, furniture, electronics or appliances Credit card payments and similar utilities. Other Needs That Need Money Why Get SSS Salary Loan or Pag-IBIG Multipurpose Loan? While banks and informal lenders can lend money to borrowers, they may not be the best option for people with no assets. In addition, the payment terms may be favorable to the borrower as the terms may be quite strict. Also, private lenders may have higher interest rates. Fortunately, loans from Pag-IBIG and SSS are unsecured. This means that you do not need collateral to avail the credit. Interest rates are also lower than many banks offer. Also, reimbursement is easier because it can be deducted from your salary if you are a salaried member. However, self-employed and volunteer members must repay their loans through a bank, online application or payment center. How much can I borrow from SSS and Pag-IBIG? 💰 SSS Loan Amount Since you are comparing a VPAS loan with a Pag-IBIG loan, you need to know how much you can borrow with an SSS personal loan. Your first VPAS loan will depend on the VPAS contribution number issued. You have two options for a VPAS loan: One-month loan: This corresponds to the average of your last 12 published monthly salary credits (MSC) or the applied amount, whichever is lower. Two Month Loan: This is equal to twice the average of your last 12 published MSCs, rounded up to the next highest monthly salary credit or the requested amount, whichever is lower. [3] VPAS also reminds borrower members that the net VPAS loan amount will be the difference between the approved loan amount and the outstanding balance of the existing VPAS short-term loan. How much is the 2nd VPAS loan? Let’s say you plan to apply for a 2nd VPAS loan. The loan amount will be based on the last 12 published monthly salary credits and the number of published monthly payments during the last 12 months of your application for multiple VPS loans. You must have at least 36 monthly payments to qualify for a one-month loan. On the other hand, to qualify for a two-month loan, you must have at least 72 published monthly contributions. 💰 Amount of Pag-IBIG loan How much does the first Pag-IBIG loan cost? If you are a qualified member, you can borrow up to 80% of your total regular Pag-IBIG savings, which is made up of your monthly contributions, employer contributions and dividends accumulated over time. Simply put, the more money you have saved through regular Pag-IBIG savings, the higher the amount of your Pag-IBIG salary loan (if you meet the eligibility and documentation requirements). What is the amount of the Pag-IBIG 2nd loan? If you have an emergency loan or unpaid salary and want to take out a second Pag-IBIG loan, the amount you can borrow will be the difference between 80% of your regular Pag-IBIG savings and your emergency balance or salary. . Soon. What is the loan interest rate? 👉 VPAS loan interest rate Interest rates are one of the factors you should also consider when checking the differences and benefits of a VPAS loan and a Pag-IBIG loan. The system applies an annual interest rate of 10%; it is lower compared to what Pag-IBIG offers. However, it is worth noting that the calculation of the interest rate is based on a reduced principal balance, which reduces the interest because the VPAS loan is repaid every month

. Interest will continue to accrue on the unpaid principal balance until the loan is paid in full. When you pay more than the monthly amortization, the excess goes toward paying off the principal balance. 👉Pag-IBIG loan interest rate Pag-IBIG personal loan interest rate is 10.5% per year, which is higher than VPAS, but still considered relatively low. Pag-IBIG says that a significant portion of the income earned from the loan program goes back to the members as dividends. What are the requirements? 👉 SSS Loan Requirements When comparing a VPAS loan with a Pag-IBIG loan, you should also look at the conditions. In this way, you will know who has certain requirements that are easier to meet. Eligibility Requirements If you are applying for a monthly loan, you must have 36 published monthly installments. Six of these must occur within the last 12 months prior to your application. If you are applying for a two-month loan, you must have 72 published monthly payments. Six of these must occur within the last 12 months prior to your application. Deferred benefits There should be no final benefits, covering total permanent disability, retirement and death. Must be under 65 years of age at time of application. Must not be disqualified due to fraud committed against SSS Document Requirements Loan Participant Application Form [4] Digital SSS ID or E-6 (verification hole) and any two valid IDs; one of them must have a recent photo. Some valid valid IDs include: Driver’s License PRC ID Passport ID Tax Identification Number (TIN) Seaman’s Book OWWA Card 👉 Pag-IBIG Loan Requirements First, you must be an active contributing member with at least 24 months of membership savings. as a valid and valid proof of income. If you have other loans with Pag-IBIG, such as a home loan or an emergency loan, your payment records must be updated. Otherwise, you are not eligible. Document Requirements Original Multipurpose Loan Application Form [5] Copy of Valid ID (Passport, Driver’s License, PRC ID, Police Authorization, NBI Authorization, Voter ID, Postal ID, etc.) Proof of Income for Borrower’s Employee: Certificate of Application Form Net Payment Section (which must be completed by your employer) back with a copy of the last pay slip, certified by an authorized person in the company. Self Employed: Any of the following: Copies of ITR, Audited Financial Statements and Official Documents. Receipt of tax payment from the bank, certified by DTI registration certificate and mayor’s permit/business permit; Original bank statements or books for the last 12 months (if your income comes from pensions and foreign remittances); Certified copy of government-issued transportation franchise (LGU for tricycles and LTFRB for other PUVs); Original certificate of undertaking of the owner of the company; Original notarized proof of income for OFWs: employment contract (copy of employment contract between employee and employer or copy of POEA standard contract), original employment and compensation certificate (CEC), as well as copy of employer ID and passport, original income tax return submitted. to organize the country or government. Requirements for issuing a loan To repay the loan amount through a salary account: *Photo of the salary account or the repayment card** For loans issued through an employer: A payment account duly approved by the employer* or the repayment card** . If you want to use custom apps, please present your payment card or debit card** for authentication. *Salary account used LANDBANK account for disbursement **LANDBANK, UCPB or DBP How can I repay my SSS or Pag-IBIG loan? 👉 Conditions for SSS loan repayment The loan is paid over two years, which means they will be paid in 24 monthly installments. Monthly amortization begins in the second month after the loan approval date, due date or before the due date. Please note that VPAS has a loan payment schedule for permanent and volunteer members: If the 13-digit ER/HR number ends with the 10th digit: Payment deadline (after the corresponding month) 1st or 210th month 3rd or 415th month. 5th month or 620th day of the month 7th or 825th day of the month 9th or 0 last day of the month 👉 Repayment conditions for Pag-IBIG multi-purpose loan You can pay your Pag-IBIG personal loan in 36 months, but you still have the option to pay it in 24 months. It comes with a deferred down payment, which means you can defer it