AFPSLAI Loan Table 2024

The Armed Forces Personnel and Sailors Loan Association, Inc. (AFPSLAI) offers various loan products tailored for military personnel and their families. This comprehensive guide provides an overview of the AFPSLAI loan table for 2024, including loan types, eligibility criteria, interest rates, and application procedures.

Loan Types:

1. Personal Loans: These are unsecured loans intended for personal use, such as medical expenses, education, or home improvements.
2. Housing Loans: Designed for purchasing or renovating homes, these loans come with specific terms related to property valuation and repayment.
3. Car Loans: For acquiring new or used vehicles, these loans often have different terms based on the car's make and model.
4. Business Loans: These loans are intended for starting or expanding a business, with a focus on entrepreneurial development within the military community.

Eligibility Criteria:

• Active and Retired Military Personnel: Must be a current or former member of the armed forces.
• Dependents of Military Personnel: Spouses and children of service members may also be eligible under certain conditions.
• Membership Status: Must be a member of AFPSLAI or meet the membership requirements.

Interest Rates:

• Personal Loans: Typically have competitive interest rates, varying based on the loan amount and term.
• Housing Loans: Often feature fixed or variable interest rates, influenced by market conditions and the loan's duration.
• Car Loans: Interest rates may vary based on the vehicle's value and loan term.
• Business Loans: Generally have higher rates compared to personal loans, reflecting the risk involved in business ventures.

Application Procedures:

1. Submit an Application: Complete the loan application form available from AFPSLAI.
2. Provide Required Documents: This includes proof of military service, income statements, and any other relevant documentation.
3. Loan Assessment: AFPSLAI will review the application and conduct a credit assessment.
4. Approval and Disbursement: Upon approval, the loan amount will be disbursed according to the agreed terms.

Table: AFPSLAI Loan Types and Key Terms

Loan Type	Interest Rate	Term	Maximum Amount
Personal Loan	6% - 12%	1 - 5 years	PHP 500,000
Housing Loan	4% - 8%	5 - 20 years	PHP 2,000,000
Car Loan	5% - 10%	1 - 7 years	PHP 1,000,000
Business Loan	8% - 15%	1 - 10 years	PHP 3,000,000

In conclusion, the AFPSLAI loan table for 2024 offers a range of options to support the financial needs of military personnel and their families. By understanding the different loan types, eligibility criteria, interest rates, and application procedures, borrowers can make informed decisions to secure the most suitable loan for their needs.