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GSIS readies emergency loans for Kanlaon eruption victims

Business

GSIS readies emergency loans for Kanlaon eruption victims

By Chino S. Leyco

The Government Service Insurance System (GSIS) said it is prepared to offer emergency loans to its affected members and pensioners following the eruption of Mount Kanlaon.

But in order to be eligible, GSIS said that members and pensioners who are impacted by the eruption must live in an area that has been officially declared as a calamity zone.

GSIS members and pensioners eligible for this loan can access up to P40,000 if they have existing loans, allowing them to settle their current balance and receive a net amount of P20,000.

Those without existing emergency loans can apply for loans of up to P20,000. To qualify for the loan, active members must be residing in the declared calamity area.

They must not be on unpaid leave, have no pending legal cases, and have made premium payments within the last six months.

Additionally, they must maintain a net take-home pay of at least P5,000 as required by the General Appropriations Act.

Additionally, pensioners receiving old-age and disability benefits are also eligible to apply, provided their net monthly pension after the loan remains at least 25 percent.

The emergency loan has an interest rate of six percent and a three-year repayment term.

Interested members can submit their applications through the GSIS Touch mobile app, which is available for download on both the Google Play Store and Apple App Store.

Related Tags

mount kanlaon Government Service Insurance System GSIS emergency loan

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