Alpslai Salary Pension Multi-Purpose Loan Calculater

ELIGIBILITY:

For this Alpslai loan, all Regular Members are qualified

FEATURES:

  • ₱1,500,000 is the maximum loanable amount
  • Term of Loan: 1 to 5 Years
  • Calculated in keeping with each branch of service’s minimum need for net-take-home pay (NTHP)
  • Dependent on the single borrower cap (SBL)

 

LOAN CALCULATOR

%
Monthly payment
Total overpayment
Total
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INSTRUCTIONS:

For calculating your monthly amortization:

  1. For calculating your monthly amortization.
  2. Choose the time period you want your loan to be amortized.
  3. To find out your monthly amortization, click “COMPUTE,” and to clear entries, click “RESET.”

To find out how much loan you qualify for:

  1. Enter the monthly amortization you desire.
  2. Choose the period of time you want your loan to be amortized.
  3. To calculate your loan amount or to clear entries, click “COMPUTE” or “RESET.”

Procedures 

Application at the Branch Office

  1. The borrower provides LAF and specifications.
  2. The loan specialist moves on with the processing of the loan (new or renewal) if the provided papers meet all the requirements.
  3. After the loan has been approved, the borrower goes to the releasing or telling section to arrange for the release of the loan funds into cash, a savings deposit account (SD-02), or a remittance facility.
  4. The loan funds are given to the borrower.
  5. The loan Release is signed by the borrower.

Online Application

  1. Visit the AFPSLAI website as the borrower and choose the e-Application tab before selecting the e-Loan Application.
  2. The borrower submits the online application and receives a reference number.
  3. The resulting form is printed and saved by the borrower.
  4. The borrower goes to the branch office of their choice to turn in the completed loan application and necessary documents.
  5. The loan is processed by a lending specialist.
  6. After the loan has been approved, the borrower goes to the releasing or telling section to arrange for the release of the loan funds into cash, a savings deposit account (SD-02), or a remittance facility.
  7. The loan funds are given to the borrower.
  8. Loan Release is signed by the borrower.

FAQS

How long does it take to discharge a loan?

The loan is delivered the same day if all conditions are met.

How much is the Single Borrower’s Limit (SBL)?

It is the highest loan amount a borrower is permitted to receive. It is calculated by dividing the normal monthly pay and benefits by 12, as well as the annual regular bonuses and incentives and any current AFPSLAI contributions.

What is the Credit Redemption Insurance (CRI)?

CRI is the insurance that, in the event of a qualifying borrower’s death, will refund the amount of the outstanding loan.

What authorization is required to apply for a loan?

According to the requirements for each field of service.

Can I get a loan even though I still owe money on my salary loan?

Yes. Depending on your ability to pay, you can apply for an emergency loan, a multipurpose loan, and other collateralized loan products.

When is my salary loan eligible for renewal?

Once your loan payment has reached at least 20% of the total borrowed, you may renew your salary loan.

Do I receive an overpayment for the ongoing monthly amortization deduction when I apply for a loan renewal?

No, the sum taken out of your paycheck will be regarded as the initial payment on your renewed loan. Your new loan balance will be less than the programmed loan amount as a result.

I don’t yet get a pension; may I still apply for a salary/pension loan?

A loan cannot be given until you have started receiving your pension each month.

What would happen to a member’s loan balance if they pass away but their loan is still not paid completely?

Beginning January 17, 2011, credit redemption insurance will be applied to all loans made by AFPSLAI (except for Back-to-Back Loan and for that denied coverage by the insurance provider & whose age is over 80 years old). The insurance provider will cover the whole scheduled balance as long as the loan is current if the member/borrower passes away during the loan’s term. However, any current loans made prior to the aforementioned date will be protected in accordance with the relevant regulations.

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