When can I avail of loans from the Association?

Member’s Educational Assistance Loan (MEDAL)
You can immediately avail of a MEDAL once the first monthly contribution for your MBAI Protek Basic Membership Insurance Policy or Permanent/Optional Insurance Policy is remitted by your Finance Center to AFPMBAI. The maximum loanable amount is ₱100,000 payable in three (3) years at only 6.0% interest per annum.

Salary Loan
You can avail of a Salary Loan when your Application for Permanent Insurance has been approved and the first monthly premium has been remitted by your Finance Center. The maximum loanable amount is the combined Face Amount of the MBAI Protek basic insurance AND all permanent/optional insurance policies (e.g. 10-15 Endowment Plan) of the Member, subject to a maximum of P500,000.00.

Policy Loan
You are qualified to take out a Policy Loan against your policy’s Cash Values if your policy has been in-force for at least two (2) years or has paid at least 24 monthly premiums.

A Policy Loan is considered as an ‘advance’ from your Maturity Benefit and/or Cash Bonuses, if any, thus, all unpaid Policy Loan balances shall be deducted from your Maturity Benefit and/or Cash Bonuses on the maturity date of your life insurance policy.

Amortization payments can be done thru direct payment online thru GCASH, Maya, Land Bank Mobile Pay, or Metrobank Online. You can also pay over-the-counter at Land Bank, Metrobank, Palawan Express, and Cebuana Lhuiller. Policy Loan is not subject to Net Take Home Pay.

Search

Welcome to the AFPMBAI Helpdesk

Comments