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GSIS readies loan assistance for 'Karding'-hit members, pensioners

Philippines | National

GSIS readies loan assistance for 'Karding'-hit members, pensioners

By Luisa K. Cabato

The emergency loan program for typhoon Karding-hit members and pensioners in Luzon is ready to be opened, said the Government Service Insurance System (GSIS) President and General Manager Wick Veloso on Monday, Sept. 26.

Government Service Insurance System (GSIS) logo / Facebook

"We have allocated Php4 billion for our emergency loan budget this year so we are ready to help our kababayan in Luzon. We will ensure that the loan assistance will be available to all qualified active members and old-age and disability pensioners based in the affected areas," Veloso added.

GSIS noted that members who have existing emergency loan balances may borrow up to P40,000 to pay off their previous loan balance and they will still receive a maximum net amount of P20,000 from their new loan.

Members with no existing loan and pensioners may borrow up to P20,000 emergency loan, the agency said.

The emergency loan has a 6 percent interest that is payable in two years, GSIS added.

"Qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; have no pending administrative or criminal case, and have a net take-home pay of not lower than Php5,000 after all required monthly obligations have been deducted," GSIS said.

Meanwhile, members and pensioners who will not qualify for the emergency loan program may apply for GSIS Multi-purpose Loan Plus with a maximum loan amount of P5 million.

Pensioners, on the other hand, may borrow up to six months' worth of their pension or up to P500,000 under the enhanced Pension Loan program.

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