GSIS Versatile Loans Reach P65B Since October 2020
The STATE-GENERATED Government Services Insurance System (GSIS) has provided a total of 65 billion pesos in multipurpose loans to its members since it launched its program in October last year.
The GSIS Versatile Loan (MPL) consolidates all service loans and waives surcharges on all defaulted loan accounts of its members. The program has so far benefited 250,783 GSIS members.
“We encourage our other members, especially those who have reached their borrowing limit and were unable to pay their GSIS loans, to take advantage of the affordable payment terms of GSIS MPL,” said Rolando Ledesma Macasaet, President and Director General of GSIS, in a press release.
Qualified member borrowers can claim up to 14 times their basic monthly salary, but not to exceed 3 million pesos.
Those entering MPL for the first time will benefit from an exemption from surcharges on their outstanding loan balances.
In addition to preventing the swelling of penalties incurred by members for their unpaid GSIS loans, MPL also offers a “low” interest rate of 7-8% based on members’ premium payments. It is payable in monthly installments of two to seven years depending on the contribution and the professional situation of the member.
Those with Emergency Home Loan Program (HELP) accounts that are consolidated under MPL are allowed to repay the loan for up to 10 years. The installments will be automatically deducted from the borrower’s salary.
Active and special GSIS members who have paid at least three months of premiums are eligible to apply for MPL; are not on leave without pay; have no administrative or criminal case in progress; have no arrears under the GSIS Financial Assistance Loan or the GSIS Housing Loan; and work in agencies with an existing MoU with GSIS.
Additionally, they must not be labeled as suspended by their respective agencies and they must have a net take-home pay no less than the amount required under the General Appropriations Act after deducting any monthly obligations. Their agency should not be suspended either.
The following GSIS service loans will be grouped under MPL in the following order: payday loan; Restructured salary loan; Subsidized salary loan; Emergency loan assistance; One month payday loan for the summer; Conso-Loan Plus or Conso-Loan Plus improved; Member cash advance, eCard cash advance or eCard Plus cash advance; HELP; Study assistance loan I and II; Fly Pal, pay later; Study now, pay later; and stock loan.
However, those that are excluded are the housing loan, policy loans, and the GSIS emergency loan, with the exception of overdue and defaulted emergency loan accounts, in which case the overdue or overdue amount. default will be deducted from the product of the MPL.
Members can apply for MPL by email to the GSIS management branch; Electronic GSIS Members Online (eGSISMO); GSIS Wireless Automated Processing System ([emailÂ protected]) kiosk for those at the GSIS head office; or over the counter or through a drop box at any GSIS branch and extension offices nationwide.
The proceeds of the MPL will be directly credited to the borrower’s GSIS electronic card (eCard) or to the unified multipurpose identification card.
For further details, interested parties can visit the GSIS website, www.gsis.gov.ph; GSIS Facebook account, @gsis.ph; E-mail [emailÂ protected]; 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).