GSIS will offer a better loan program from April 23
MANILA, Philippines – The Government Service Insurance System (GSIS) public pension fund, starting April 23, will offer a loan program to members with a higher credit limit, longer repayment period, as well as payment requirements. simpler request.
Called Multi-Purpose Loan (MPL) Plus, the new loan program will be an enhancement of the old MPL offered to members, GSIS said in a statement.
On the one hand, the MPL Plus credit limit will be 5 million pesos, which is more than the 3 million pesos of the previous MPL program.
“The actual amount will depend on the premiums paid by borrowers and the monthly salary,” GSIS said.
The term of the MPL Plus loan was 10 years longer, compared to seven years in the previous MPL program, GSIS added.
“The following are eligible for a 10-year loan term: permanent employees who have at least 10 years of premium payments; members with an Emergency Home Loan (Help) program account; and special members under agencies with MoUs on MPL with GSIS.
“Non-permanent government staff who have at least 15 years of contributions, on the other hand, can repay the loan in nine years. Previously, the maximum term of their loan was only five years,” GSIS added.
GSIS said that “the flat interest rate of 7% calculated in advance will be applied to all borrowers” under MPL Plus, unlike the previous MPL in which “members with less than three years of premiums paid were charge 8% interest, while those with at least three years of premiums were charged 7%,” he noted.
MPL Plus has also relaxed borrower eligibility requirements.
On the one hand, GSIS stated that “previously, members in arrears in their Financial Assistance Loan (GFAL) and GSIS Housing Loan were not qualified for MPL”. But under MPL Plus, “they will be allowed to apply, but their arrears under GFAL will be deducted from their loan proceeds.”
“Qualified to apply for MPL PLus are GSIS regular and special members who have paid at least three months of premiums; are not on unpaid leave at the time of the request; and have no pending administrative or criminal case. In addition, they must not belong to an agency that has been labeled as suspended, and their take-home pay must not be less than the amount required under the General Appropriations Act (GAA) after deducting all monthly obligations” , said the said the GSIS.
“MPL Llus consolidates loan balances and charges for current salary loans, restructured salary loans; subsidized salary loan; emergency loan assistance; one month summer salary loan; more consumer loan/more subsidized consumer loan; member cash advance/e-card cash advance/e-card plus cash advance; home emergency loan program (help); Educational Assistance Loans 1 and 2; study now, pay later; steal PAL, pay later; and stock purchase loan,” the GSIS added.
Rolando Macasaet, President and CEO of GSIS, urged members to apply for MPL Plus online.
“Members can apply for the loan through the GSIS Touch mobile app; GSIS Wireless Automated Processing System (Gwaps) kiosks strategically located across the country; E-mail; electronic member of GSIS online (eGSISmo); or drop boxes located in all GSIS offices. For the safety of our customers and employees, we will only accept deposit at the counter or in person if the Gwaps kiosk is offline, or if the applicant has lost or defective an electronic card (eCard) or unified general purpose identification (Umid) map; has unreadable biometric data; or is a temporary eCard holder,” Macasaet said.
Last year, 444,425 GSIS members borrowed a total of 106 billion pesos under the old MPL scheme.
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