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
REQUIREMENTS
- Completed Application Form
- Service ID and one (1) Government-issued ID
- Original Latest Payslips for three (3) consecutive months
- Member’s Postdated Check
- Ombudsman Clearance
- PGMC Certification
- Accounting Clearance issued by the Major Service and AFP GHQ
- 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.
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