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GSIS Grants Emergency Loan to Members in Mt. Province
GSIS Grants Emergency Loan to Members in Mt. Province

The Government Service Insurance System (GSIS) is extending Emergency Loan assistance to eligible members residing and/or working in the Mt. Province after the said area was severely affected by recent flashfloods.

In view of this, the GSIS announced qualified members can apply for an emergency loan from December 12, 2011 until January 10, 2012 via the GWAPS kiosk using their eCard or their UMID eCard.  The GSIS said members who do not have an eCard Plus or UMID eCard but who are eligible to apply for the loan can apply via over-the-counter (OTC).

Proceeds of emergency loan applications filed via OTC will be credited to a temporary eCard which the GSIS has begun to issue for members without the eCard Plus or the UMID eCard.

Under the emergency loan program, each eligible member can borrow P20,000. The loan program carries an interest rate of six percent per year computed in advance, and is payable in three years in equal monthly installment.

An Emergency Loan Redemption Insurance (ELRI) of 1.2 percent of the gross loan amount shall be deducted from the proceeds of the loan.

In addition, any outstanding balance of previous Emergency Loan shall be deducted from the proceeds.

Member-borrowers with outstanding emergency loans shall be allowed to renew the loan if the borrower has paid at least 12 monthly installments but not earlier than the anniversary date of the previous loan.

Members who can avail of the loan are bona fide employees of the agency located in the declared calamity area or are resident of the declared calamity area; are in active service and not on leave of absence without pay; have no pending criminal or administrative charges; have no arrearages in the payment of mandatory social insurance contributions; and have no loan that has been declared in default.

The agency of the member-applicant must not also be suspended because of non-payment and non-remittance of premiums and loans.