GSIS grants Emergency Loan to members affected by typhoons Pedring and Quiel

Home Media Center GSIS grants Emergency Loan to members affected by typhoons Pedring and Quiel

The Government Service Insurance System (GSIS) is extending Emergency Loan assistance to eligible members residing and/or working in the province of Apayao, city of Manila, municipality of Rodriguez in Rizal, and municipalities of Botolan, Candelaria, and San Narciso in Zambales after the said areas were severely affected by typhoons “Pedring” and “Quiel.”

In view of this, the GSIS announced qualified members can apply for an Emergency Loan from November 15, 2011 to December 14, 2011 via the GSIS Wireless Automated Processing System (G-W@PS) 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 over-the-counter (OTC) in the nearest GSIS office.

Proceeds of Emergency Loan applications filed via OTC will be credited to a temporary eCard which the GSIS has begun to issue to members who are yet to be issued with 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 those who reside in 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.