GSIS or the Government Service Insurance System is a government agency in the Philippines that provides various benefits and services to its members, including loans. These loans are available to both active members and pensioners who are in need of financial assistance. In this article, CashLoanPH will discuss the different types of loans offered by GSIS and provide a detailed explanation of each loan, including the loanable amount, payment terms, and eligibility requirements.
Types of GSIS Loans
Consolidated Loan
The Consolidated Loan or Conso-Loan is a type of loan offered by GSIS that allows members to consolidate their existing loans into one loan. This loan is available to both active members and pensioners, and the loanable amount is based on the total outstanding balance of the member’s loans. The maximum loanable amount for active members is Php500,000, while the maximum loanable amount for pensioners is Php300,000.
The payment terms for the Consolidated Loan are flexible and can be paid in 6, 12, 24, or 36 months. The interest rate for the loan is 10% per annum, while the service fee is 1% of the loan amount. Members may apply for this loan using their GSIS eCard through the GWAPS kiosks located in all GSIS branches, selected government agencies, and Robinsons Malls. For more information, members may call the GSIS Contact Center at 847-4747 or email [email protected].
Policy Loan
The Policy Loan is a type of loan offered by GSIS that allows members to borrow money against the cash value of their life insurance policy. This loan is available to both active members and pensioners who have an existing life insurance policy with GSIS. The loanable amount is based on the cash value of the policy, and the maximum loanable amount is 90% of the policy’s cash value.
The payment terms for the Policy Loan are flexible and can be paid in 6, 12, 24, or 36 months. The interest rate for the loan is 8% per annum, while the service fee is 1% of the loan amount. Members may apply for this loan using their GSIS eCard through the GWAPS kiosks located in all GSIS branches, selected government agencies, and Robinsons Malls. For more information, members may call the GSIS Contact Center at 847-4747 or email [email protected].
Emergency Loan
The Emergency Loan is a type of loan offered by GSIS that allows members to borrow money in times of financial emergencies. This loan is available to both active members and pensioners who have no outstanding loans with GSIS. The loanable amount for this loan is Php20,000, and the payment term is 3 months. The interest rate for the loan is 6% per annum, while the service fee is 1% of the loan amount.
Members may apply for the Emergency Loan using their GSIS eCard through the GWAPS kiosks located in all GSIS branches, selected government agencies, and Robinsons Malls. For more information, members may call the GSIS Contact Center at 847-4747 or email [email protected].
Multi-Purpose Loan (MPL)
The Multi-Purpose Loan or MPL is a type of loan offered by GSIS that allows members to borrow money for various purposes. This loan is available to both active members and pensioners who have no outstanding MPL loans with GSIS. The loanable amount for this loan is based on the member’s basic monthly salary and may avail up to 14 times their basic monthly salary. The payment terms for the MPL are flexible and can be paid in 12, 24, or 36 months. The interest rate for the loan is 10% per annum, while the service fee is 1% of the loan amount.
Unlike other GSIS loans, the MPL can be used for various purposes, including payment for tuition fees, purchase of household appliances, payment for medical expenses, and payment for travel expenses. Members may apply for this loan using their GSIS eCard through the GWAPS kiosks located in all GSIS branches, selected government agencies, and Robinsons Malls. For more information, members may call the GSIS Contact Center at 847-4747 or email [email protected].
Eligibility Requirements
To be eligible for any GSIS loan, members must meet certain requirements. For the Consolidated Loan, members must have at least 15 years of paid contributions and have no pending administrative or criminal case. For the Policy Loan, members must have an existing life insurance policy with GSIS and have paid at least one year of premiums. For the Emergency Loan, members must have no outstanding loans with GSIS and have no pending administrative or criminal case. For the MPL, members must have at least three years of paid contributions and have no outstanding MPL loans with GSIS.
In addition to these requirements, members must also have a good credit standing and must not be on leave without pay or have any pending criminal or administrative case. Pensioners, on the other hand, must have no pending administrative or criminal case, must have an existing life insurance policy with GSIS, and must have paid at least one year of premiums.
Loan Calculator
While GSIS does not have a loan calculator on their website, they do provide a brochure that contains a sample computation of their loan products. Members can also visit their nearest GSIS branch or contact the GSIS Contact Center at 847-4747 to inquire about their loan products and get a computation of their loanable amount and payment terms.
Conclusion
GSIS offers various loan products to assist members and pensioners with their financial needs. These loans have flexible payment terms, competitive interest rates, and reasonable service fees. Members who are interested in applying for these loans must ensure that they meet the eligibility requirements and have a good credit standing. While GSIS does not have a loan calculator on their website, members can visit their nearest GSIS branch or contact the GSIS Contact Center at 847-4747 to inquire about their loan products and get a computation of their loanable amount and payment terms.
