GSIS offers low-interest loan with waiver on surcharges of other loans; phases out conso-loan

Home Media Center GSIS offers low-interest loan with waiver on surcharges of other loans; phases out conso-loan

List of kiosks with MPL

Date Posted: September 30, 2020

The Government Service Insurance System (GSIS) will launch on October 1 a loan facility that offers low interest, enhanced loan consolidation feature, longer payment term and one-time waiver of surcharges on all due and demandable GSIS loan accounts of its members, except housing and policy loan.

Dubbed GSIS Multipurpose Loan (GSIS MPL), the new loan program gives borrowers an additional credit line that will help them consolidate and pay their outstanding GSIS loan balances. With the implementation of GSIS MPL, the Enhanced Conso-loan Plus will be phased out. All members with Conso-loan applications that have not been approved by the concerned Agency Authorized Officers (AAOs) on September 30, 2020 will be advised to reapply for GSIS MPL.

“GSIS MPL offers our members affordable payment terms, especially those who have reached their borrowing limit and have been unable to pay their GSIS loans,” GSIS President and General Manager (PGM) Rolando Ledesma Macasaet said.

Under MPL, 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.

PGM Macasaet said MPL prevents penalties incurred by members for unpaid GSIS loans from ballooning and eating up their retirement and other benefits.

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 (GFAL) or GSIS housing loan; and are working in agencies with existing Memorandum of Agreement (MOA) 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.

“We urge government agencies to forge a memorandum of agreement with GSIS so that their employees may enjoy MPL’s benefits in no time,” the pension fund chief said.

The following GSIS service loans may be paid through 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; Emergency Loan; 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 in the program is GSIS’s housing loan and policy loans.

MPL’s interest rate is 7 percent per annum computed in advance for members who have at least three years of paid premium. For members whose PPP is less than three years and for special members with at least three months of total length of service, MPL’s interest rate is 8 percent per annum computed in advance.

MPL is payable in monthly instalments from two to seven years depending on a member’s PPP and status of employment. 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.

Members may apply for MPL over-the-counter at all GSIS branches and extension offices nationwide or through the following methods: dropbox located in all GSIS branches nationwide; email to the GSIS handling branch; Electronic GSIS Members Online (eGSISMO), the web-based facility of GSIS; and GSIS Wireless Automated Processing System (GW@PS) kiosk for those in the GSIS Head Office.

MPL proceeds will be directly credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.

For other details on GSIS MPL, interested parties may visit , interested parties may visit the GSIS website,; GSIS Facebook account,; email; 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).

List of kiosks with MPL