Date Posted: July 29, 2015
The Government Service Insurance System (GSIS) is accepting application for emergency loan from active members and old-age pensioners affected by Typhoon Egay in the entire province of La Union and those by El Niño in the municipality of Alabel in Sarangani.
The GSIS earmarked over P533 million and P65 million in funds, respectively, for the loan’s implementation in La Union and Alabel.
Active members in La Union, numbering 14,733 members, are qualified to apply for the loan if they are not on leave of absence without pay, have no arrears in paying their premium contributions, and have no loans in default. Members in Alabel, which totaled 2,012, are qualified to avail of the loan.
The loanable amount for active members who have no existing emergency loan is P20,000. Those with outstanding emergency loan balance may borrow up to P40,000.
The loan bears a 6 percent interest and is payable in 36 equal monthly installments. The first loan amortization is deducted from the borrower’s salary or pension three months after the loan is granted.
Active members in La Union may apply until August 14, 2015 through GSIS Wireless Automated Processing System (GWAPS) kiosks located in GSIS offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, and selected Robinons Malls. In Alabel, the deadline for application is August 11, 2015.
The 3,281 old-age pensioners residing in La Union and the 62 pensioners in Alabel may apply for a P20,000 emergency loan over the counter. The loan amount is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise.
Loan proceds are electronically credited to the borrower’s GSIS e-Card or unified multipurpose identification (UMID) card.