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Manila Bulletin devider Business devider GSIS' MPL Flex loans exceed P50 B since Oct.

GSIS' MPL Flex loans exceed P50 B since Oct.

Published Nov 10, 2023 01:32 am

At A Glance

  • The Government Service Insurance System (GSIS) offers the Multi-Purpose Loan Flex (MPL Flex) Program with low interest rates.<br>- MPL Flex loans have surpassed P50.131 billion in disbursements since its launch in October.<br>A total of 183,478 members have applied for the MPL Flex program.<br>MPL Flex combines existing loans to provide additional funding for any purpose, excluding specific types of loans.<br>Borrowers can choose payment terms ranging from one year to 15 years.<br>MPL Flex beneficiaries can borrow up to 14 times their basic salary with a six percent interest rate.<br>To qualify for the loan, members must meet certain criteria, including employment status, premium contributions, and no pending administrative or criminal cases.<br>Applicants must also have no arrearages in the GSIS Financial Assistance Loan (GFAL) or Housing Loan.<br>The net take-home pay after loan availment should not be lower than the required amount under the General Appropriations Act (GAA) when deductions have started for all monthly obligations.<br>MPL Flex applications can be made through the GSIS Touch online app, GSIS kiosks, or over-the-counter services.

The Government Service Insurance System (GSIS) reported a surge in interest for its Multi-Purpose Loan Flex (MPL Flex) Program that offers public school teachers and other members the opportunity to access loans at a low interest rate.

In a Facebook post on Friday, Nov. 10, the pension fund for government workers shared that MPL Flex loans have surpassed P50.131 billion in disbursements since its launch in October.

GSIS also reported that the loan program has received applications from a total of 183,478 members.

The MPL Flex combines all the existing loans of a GSIS member to provide them with additional funding that can be utilized for any purpose.

The MPL Flex, however, does not include housing loans, regular policy loans, optional policy loans, computer loans, and emergency loans.

Furthermore, borrowers can choose different payment terms ranging from one year to 15 years.

MPL Flex beneficiaries may borrow up to 14 times their basic salary with a six percent interest rate, based on certain terms and conditions.

To qualify for the loan, members must meet certain criteria, including not being on unpaid leave or facing suspension from their agency, having at least one-month premium contributions for both Personal Shares and Government Shares, and not having any pending administrative or criminal cases.

Additionally, applicants must have no arrearages in the GSIS Financial Assistance Loan (GFAL) or Housing Loan.

Lastly, the resulting net take-home pay after loan availment should not be lower than the amount required under the General Appropriations Act (GAA) when the deduction has started in all required monthly obligations.

Those who wish to apply for the MPL Flex may do so via the online app, GSIS Touch, or any GSIS kiosks or over-the-counter nearby. (Gabriell Christel Galang)

Related Tags

GSIS loan Government Service Insurance System government workers
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