The Home Development Mutual Fund or Pag-IBIG Fund has announced a new innovation where borrowers of multi purpose loans can access their proceeds in easy and fast way.
Rodrigo Suemith, head of Davao Provident Fund Operations said that they had forged an agreement with the LandBank of the Philippines as the depository bank of the member's loan proceeds.
"The new scheme will have the proceeds of the loans deposited and withdrawn directly from their individual savings account with LBP," he said.
All the member has to do is accomplish a loan application form and indicate his or her savings account number and submit a photocopy of his or her ATM card or passbook.
"Instead of the member coming to the office to claim and en-cash the check, proceeds of the loan will be credited directly to the savings account bearing the member's name and number as specified in the application form," he said.
He said those who have no existing savings account are encouraged to open an account with the LANDBANK nearest to their place of residence or work. - PIA
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Topic: Loan with Pag-ibig Fund (Read 890 times)