Home Business and Money GSIS allots P1.2B for Emergency Loan in Calamity-stricken Areas in Mindanao

GSIS allots P1.2B for Emergency Loan in Calamity-stricken Areas in Mindanao

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The Government Service Insurance System (GSIS) on Tuesday said it is allotting almost Php1.2 billion in emergency loan for its active members and old-age pensioners who were affected by a low pressure area in Misamis Oriental; rat and bug infestation and flash flood in Kabacan, Cotabato; and tropical depression Auring in Prosperidad, Agusan del Sur.

Deadline of emergency loan applications are until February 26, 2017. 

Qualifications:

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Active members must not be on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than six months, are qualified to avail of the loan.

Loan terms and loanable amounts

– First-time borrowers: may apply for a Php20,000 loan. 

– With existing emergency loan: may borrow up to Php40,000, from which the outstanding balance will be deducted.

The emergency loan is payable in 36 equal monthly instalments at 6 percent interest rate per annum computed in advance. 

It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date.

Where to apply for GSIS Emergency Loan?

Active members may apply through:

  • any GSIS Wireless Automated Processing System (GWAPS) kiosk located in all GSIS branch and extension offices;
  • provincial capitols;
  • city halls; 
  • selected municipal offices;
  • large government agencies such as the Department of Education; Robinsons Malls; and selected SM City branches in North EDSA, Manila, Pampanga, Cebu, and SM Aura in Taguig.

Qualified old-age pensioners must personally apply for the loan at the nearest GSIS office. 

Pensioners who have become active members after reentering government service may apply for the loan only once. 

Loan proceeds are electronically credited to the borrower’s GSIS electronic card (eCard) or Unified Multipurpose Identification (UMID) card.

For more information, members and pensioners may visit the GSIS website, www.gsis.gov.ph; email gsiscares@gsis.gov.ph; or call the GSIS Contact Center at 847-4747.

Source: GSIS

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