P1,000,000 Maximum Loanable Amount
WHAT ARE ITS BENEFITS?
- For 55-year old AFP regular members of the Association who are going to retire within the year and their lump sum pay has not been computed by AFPPGMC
- Maximum loanable amount is P1M or will not exceed 25% of the member’s lump sum pay benefit
- With an annual 5% interest only before the member receives his lump sum pay
- Total loan amount and interest that has not been paid if any, will be deducted from the lump sum pay
- The borrower must have an active Permanent Insurance Plan and/ or E56 with AFPMBAI which is enforced for at least 1 month at the time of application.
- The borrower must have a good credit record as determined by any credit bureau/facility. All his/her accounts should be current and have NO ARREARS.
- The borrower should have a NET TAKE HOME PAY as required by his branch of service/bureau after deducting the monthly amortization of salary Loan/MEDAL.
- One Expanded Salary Loan per borrower is allowed regardless of the number of policies held but not exceed the aggregate face amount of his/here insurance.
- Expanded Salary Loan Application Form with Promissory Note and three (3) sets of Authorization to Deduct duly accomplished and signed by the member-borrower
- Deed of Assignment of Lump Sum Pay equivalent to the Face Amount of Loan plus unpaid interest
- Original latest Payslip of the borrower for three (3) consecutive months
- Post-dated check from the borrower with amount equal to the borrower’s approved ESL plus interest from the loan approval up to the borrower’s retirement date
- Military ID and one (1) Government Issued ID
- PGMC Certification that the borrower has applied for retirement benefit and it is currently under process by them
- Accounting clearance issued by the Major Service and AFP GHQ
- Any other documents as mandated by the member-borrowers’ Branch of Service for them to qualify to avail loans
- For loans above P200,000, SLRI Health Questionnaire duly accomplished and signed by the member-borrower