The Government Service Insurance System (GSIS) is offering a low-interest loan through the Multi-Purpose Loan (MPL), an official of the agency said Tuesday, Nov. 9.
In a Laging Handa briefing, GSIS EVP for Core Business Sector Nora Malubay said the GSIS Multi-Purpose Loan (MPL) is the loan facility that consolidates all service loans and waives surcharges on all in-default loan accounts.
"Amin pong nilunsad ang MPL para i-consolidate ang kanilang loans at may one-time condonation po ng penalties (We launched MPL to consolidate our members' loan and it also has a one-time condonation of penalties)," Malubay explained.
Among the loans that are consolidatable are salary loan; restructured salary loan; enhanced salary loan; emergency loan assistance; summer one-month salary loan; conso-loan plus; member's cash advance; home emergency loan program; educational assistance loan; Fly PAL, Pay Later; Study Now, Pay Later; and Stock Purchase Loan.
Malubay said that qualified member-borrowers may apply for up to 14 times their basic monthly salary, but not to exceed P3 million.
She added that MPL also has a low-interest rate of seven to eight percent depending on the member's premium payments and it is payable in monthly installments from two to seven years depending on a member's premium contribution and employment status.
Members may apply for MPL over-the-counter or via dropbox at all GSIS branches and extension offices nationwide or send email to the GSIS handling branch.