Open to all Regular Members
Same as Salary/Pension/Multi-Purpose Loan requirements
|Please note that the computation above is only indicative. You may call us or visit any AFPSLAI Branch nearest you for the actual details.|
Application at the Branch Office
Q: How long will it take for a loan to be released?
A: If all requirements are complete, the loan is released within the day.
Q: What is the Single Borrower’s Limit (SBL)?
A: It is the maximum loan amount that is allowed for a borrower. It is computed by multiplying the regular monthly salary and allowances by 12, plus annual regular bonuses/incentives and existing deposits with AFPSLAI.
Q: What is the Credit Redemption Insurance (CRI)?
A: CRI is the insurance that will cover the payment of the outstanding loan of a qualified borrower in case of his/her death.
Q: What is the clearance needed in applying for a loan?
A: It depends on the branch of service requirement.
Q: Can I avail of another loan even if I still have an outstanding Salary Loan?
A: Yes. You can avail of the Emergency Loan, Multi-Purpose Loan, and other collateralized loan products, depending on your paying capacity.
Q: When can I renew my Salary Loan?
A: You can renew your Salary Loan once your loan payment has reached at least 20% of the amount borrowed.
Q: When I apply for loan renewal, do I get an overpayment for the continuous deduction of
my monthly amortization?
A: No, the amount deducted from your salary will be considered as first payment to your renewed loan. This lowers your new loan balance from the programmed loan amount.
Q: Can I apply for a Salary/Pension Loan even when I am not yet receiving my pension?
A: A loan can only be granted once you are receiving your monthly pension.
Q: If a member dies and his loan is not fully paid yet, what will happen to his loan balance?
A: Effective January 17, 2011, all loans granted by AFPSLAI are covered by credit redemption insurance (except for Back-to-Back Loan and for those denied coverage by the insurance provider & whose age is over 80 years old). If the member/borrower dies during the term of the loan, all programmed balance will be paid by the insurance provider for as long as the loan is not past due. On the other hand, all current loans granted before the aforementioned date will be covered based on applicable policies.