Date Posted: June 1, 2015
The Government Service Insurance System (GSIS) is granting emergency loan to active members who are residing or working in the drought-stricken municipalities of Malungon and Malapatan in Saranggani Province and Siocon in Zamboanga del Norte. Old age pensioners residing in said areas may also avail of the loan. The deadline for filing of application is on June 23.
Members who are not on leave of absence without pay, have no arrears in paying their premium contributions, and have no loans in default may apply.
A total of 1,073 members who wish to renew their existing loans may borrow P40,000 while 1,277 members with no current emergency loans may avail of P20,000.
A total of 195 old-age pensioners are entitled to a P20,000 loan. In case an old-age pensioner is also an active member, the applicant may borrow only once.
GSIS has earmarked P72.4 million in funds for the loan’s implementation.
The GSIS emergency loan bears a 6% interest per annum and is payable in 36 monthly installments. The first loan amortization is deducted from the borrower’s salary or pension three months after the loan is granted.
The pension emergency loan is covered by a loan redemption insurance that waives the payment of the outstanding loan balance in case of the pensioner’s demise.
Members may apply through the 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 Robinsons Malls. Pensioners must apply over the counter.
Loan proceeds are electronically credited to the borrower’s GSIS eCard or unified multipurpose identification (UMID) card.
For inquiries, interested applicants may call the GSIS Contact Center at 847-4747.