The Government Service Insurance System (GSIS) announced that it has granted a total of Php65 billion in multi-purpose loans to its 250,783 members since it opened the program last 1 October 2020.
Dubbed the GSIS Multi-Purpose Loan (MPL), the loan facility consolidates all service loans and waives surcharges on all in-default loan accounts.
“We encourage our other members, especially those who have reached their borrowing limit and have been unable to pay their GSIS loans, to avail of GSIS MPL’s affordable payment terms,” GSIS President and General Manager Rolando Ledesma Macasaet said.
Qualified member-borrowers may apply for up to 14 times their basic monthly salary but not to exceed Php3 million. First-time availees will enjoy waived surcharges on their outstanding loan balance. MPL prevents penalties incurred by members for unpaid GSIS loans from ballooning and eating up their retirement and other benefits.
MPL has a low interest rate of 7% to 8% depending on the member’s premium payments. It is payable in monthly instalments from two to seven years depending on a member’s premium contribution and employment status. Those with HELP accounts that are consolidated under MPL may pay the loan up to 10 years. Payments will be automatically deducted from the borrower’s salary.
Qualified to apply for MPL are active and special GSIS members who have paid at least three months of premiums; are not on leave of absence without pay; have no pending administrative or criminal case; have no arrears under the GSIS Financial Assistance Loan or GSIS housing loan; and are working in agencies with existing memorandum of agreement with GSIS.
In addition, they must not be tagged as suspended by their respective agencies and have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted. Their agency must not also be on suspended status.
The following GSIS service loans shall be consolidated under MPL in the following order: Salary Loan; Restructured Salary Loan; Enhanced Salary Loan; Emergency Loan Assistance; Summer One-Month Salary Loan; Conso-Loan Plus or Enhanced Conso-Loan Plus; Member’s Cash Advance, eCard Cash Advance, or eCard Plus Cash Advance; Home Emergency Loan Program (HELP); Education Assistance Loan I and II; Fly Pal, Pay Later; Study Now, Pay Later; and Stock Purchase Loan. Not included are GSIS’s housing loan, policy loans and emergency loan except for emergency loan accounts in arrearages and in default in which case the amount in arrears or in default will be deducted from the proceeds of the MPL.
Members may apply for MPL via email to the GSIS handling branch; Electronic GSIS Members Online (eGSISMO); GSIS Wireless Automated Processing System (GW@PS) kiosk for those in the GSIS Head Office; or over-the-counter or via drop box in all GSIS branches and extension offices nationwide.
MPL proceeds will be directly credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.
For other details, interested parties may visit the GSIS website, www.gsis.gov.ph; GSIS Facebook account, @gsis.ph; email firstname.lastname@example.org; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila), 1-800-8-847-4747 (for Globe and TM subscribers), and 1-800-10-847-4747 (for Smart, Sun, and Talk ‘N Text subscribers).