Starting April 23, the Government Service Insurance System (GSIS) will make available to its members a multi-purpose loan with a credit limit of P5 million.
Under the Multi-purpose Loan (MPL) Plus program, the said loan will also have an extended maximum payment term of 10 years from the previous seven years.
The eligibility requirements were also relaxed for the said loan.
The previous credit limit was P3 million.
“The actual amount will depend on the borrowers’ paid premiums and monthly salary,” the GSIS said in a press release.
“We enhanced the MPL program based on the feedback from members in the previous MPL so we can offer a loan program that will best suit their needs,” GSIS president and general manager Rolando Ledesma Macasaet said.
Those qualified for the 10-year loan term are:
- permanent employees who have at least 10 years of premium payments;
- members with existing Home Emergency Loan Program (HELP) account; and
- special members under agencies with memoranda of agreement on MPL with GSIS.
“Non-permanent government personnel who have at least 15 years of premium contributions, on the other hand, may pay for the loan in nine years. Previously, their maximum loan term was only five years,” the GSIS said.
The interest rate will be 7%, the GSIS added.
Members with arrearages in their GSIS Financial Assistance Loan (GFAL) and housing loan may also avail of the MPL Plus, but such arrearages under GFAL will be deducted from the proceeds of the MPL Plus loan.
“Qualified to apply for MPL Plus are regular and special GSIS members who have paid at least three months of premiums; are not on leave of absence without pay at the time of application; and have no pending administrative or criminal case. In addition, they should not belong to an agency which has been tagged as suspended, and their net take-home pay should not go lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted,” the GSIS said.
Interested members may apply for MPL Plus via the GSIS Touch mobile app, GSIS Wireless Automated Processing System (GWAPS) kiosks strategically located nationwide; e-mail; electronic GSIS Member Online (eGSISMO); or drop boxes located in all GSIS offices.
GSIS said it disbursed P106 billion in 2021 to 444,425 MPL availees.
More information can be seen on the GSIS website or Facebook page. Members may also email gsiscares@gsis.gov.ph; or call the GSIS Contact Center at 8847-4747 (if in Metro Manila), 1-800-8-847-4747 (for Globe and TM subscribers), or 1-800-10-847-4747 (for Smart, Sun, and Talk ‘N Text subscribers). —KG, GMA News
GSIS to offer loan with P5M maximum credit starting April 23
Source: News Panda Philippines
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