Guide on Interest under GSIS Cash Loan Offer “Enhanced Conso-Loan Plus”
INTEREST GSIS CASH LOAN – Here is a guide on the interest rate implemented by the Government Service Insurance System (GSIS) under the Enhanced Conso-Loan Plus.
The Government Service Insurance System (GSIS) is one of the biggest state-run social insurance institutions in the country. Most of its members are employees in the private government and the public agencies.
Every month, a part of the salary or earnings of the GSIS member goes to the monthly contribution. Accumulated contributions may qualify a member to the loans offered by the state-run social insurance agency for its members with qualified accounts.
One of the loans offered by GSIS is the Enhanced Conso-Loan Plus. This loan consolidates several loans and deducts it from the loan proceeds. The loanable amounts depend on the total contributions posted by a GSIS member. This also affects the maximum loan term allowed. To check on how much you may borrow, you may visit – GSIS CASH LOAN – Here’s How Much You May Borrow under this offer.
With regards to the interest under the GSIS cash loan offer, it remains at 12% per annum. According to the state-run social insurance agency, the annual interest is “compounded annually based on diminishing balance”.
It is easy for qualified members of the GSIS to apply for the loan offer. For a guide in applying for the said loan offer, you may visit – GSIS Cash Loan – How To Apply for Enhanced Conso-Loan Plus.
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You may also visit – GSIS Pension – Here are 2 Options of Pensioners during Retirement under R.A. 8291.