State-owned Government Service Insurance System (GSIS) said its multi-purpose loan disbursements hit P65 billion since its launching nine-months ago.
Rolando Ledesma Macasaet, GSIS president and general manager, said on Friday, June 25, that the pension fund’s multi-purpose loan facility has also benefited 250,783 members since the program opened last October.
Dubbed the GSIS Multi-Purpose Loan (MPL), the program consolidates all service loans and waives surcharges on all in-default loan accounts.
“We encourage our other members, especially those who have reached their borrowing limit and have been unable to pay their GSIS loans, to avail of GSIS MPL’s affordable payment terms,” Macasaet said in a statement.
Qualified member-borrowers may apply for up to 14 times their basic monthly salary but not to exceed P3 million. First-time availees will enjoy waived surcharges on their outstanding loan balance.
MPL, which prevents penalties incurred by members for unpaid GSIS loans from ballooning and eating up their retirement and other benefits, as a low interest rate of 7 percent to 8 percent depending on the member’s premium payments.
It is payable in monthly instalments from two to seven years depending on a member’s premium contribution and employment status.
Qualified to apply for MPL are active and special GSIS members who have paid at least three months of premiums, are not on leave of absence without pay and have no pending administrative or criminal case.
Borrowers should also have no arrears under the GSIS Financial Assistance Loan or GSIS housing loan and are working in agencies with existing memorandum of agreement with the pension fund.
In addition, they must not be tagged as suspended by their respective agencies and have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted.
Their agency must not also be on suspended status.
Members may apply for MPL via email to the GSIS handling branch; Electronic GSIS Members Online (eGSISMO); GSIS Wireless Automated Processing System (GW@PS) kiosk for those in the GSIS Head Office; or over-the-counter or via drop box in all GSIS branches and extension offices nationwide.
MPL proceeds will be directly credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.