The Government Service Insurance System (GSIS) on Wednesday announced a new loan program that gives borrowers an additional credit line and helps them consolidate and pay the balance on their outstanding loans.
In a statement on Wednesday, the state-run pension fund said it would launch today the GSIS Multipurpose Loan (MPL) facility, which would offer low interest, enhanced loan consolidation feature, a longer payment term and one-time waiver of surcharges on all due and demandable GSIS loan accounts of its members, except housing and policy loans.
With the introduction of this facility, the GSIS’ Enhanced Conso-loan Plus will be phased out. Members with rejected Conso-loan applications are advised to reapply for GSIS MPL, it added.
Under GSIS MPL, borrowers may apply for up to 14 times their basic monthly salary, as long it does not exceed P3 million. First-time availees will enjoy waived surcharges on their outstanding loan balance.
To qualify, applicants must be active and special GSIS members who have paid at least three months’ worth 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 or housing loans; and are working in agencies with existing memorandum of agreement with the GSIS.
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 suspended.
The following GSIS service loans may be paid through MPL: 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 or eCard Plus Cash Advance; Emergency Loan; Home Emergency Loan Program (HELP); Education Assistance Loan 1 and 2; Fly Pal, Pay Later; Study Now, Pay Later; and Stock Purchase Loan.
The facility’s interest rate is 7 percent annually, computed in advance for members with at least three years of paid premiums. 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 yearly, computed in advance.
It 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.
Good afternoon sir/ma’am I would like to inquire about the requirements of multi-purpose loan?
It helps me a lot for my emergency purposes during Pandemic situation.
I want to loan the MPL PLEASE help me
Good news po