The Government Service Insurance System (GSIS) will launch on Thursday, October 1, 2020, a loan facility known GSIS Multipurpose Loan (GSIS MPL).
The GSIS said in a press release that this new loan facility “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,”
Also, this 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 said in a press release.
GSIS President and General Manager (PGM) Rolando Ledesma Macasaet said that GSIS MPL offers members an affordable payment terms, especially those who have reached borrowing limit and have been unable to pay their GSIS loans.
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.
MPL’s interest rate is 7 percent per annum computed in advance for members who have at least three years of paid premium.
The GSIS informed that 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.
“We urge government agencies to forge a memorandum of agreement with GSIS so that their employees may enjoy MPL’s benefits in no time,” said Macasaet.