Guide on GSIS Pension Loan 2023 Offer for Qualified Members
GSIS PENSION LOAN 2023 – Here are the features of this loan offer of the Government Service Insurance System and the application.
Are you one of the millions of members of the Government Service Insurance System? More popularly called GSIS, it is one of the biggest state-run social insurance agencies which have several offers for its members.
An active membership to the Government Service Insurance System is mandated among the government employees. It widens their resources as the state-run social insurance giant has several offers including the GSIS Benefits 2023 and the loan offers.
With regards to the loan offers, there are those that are open for all members while there are also exclusive loans. Among those who are recipients of exclusive loan offers are the pensioners.
The pensioners of the Government Service Insurance System has several options that they can turn to in times of financial needs aside from their monthly pension. Many of the pensioners of the state-run social insurance institution are qualified to apply for GSIS Pension Loan which can help augment their cash needs.
Qualifications. The Pension Loan is open for the old-age pensioners under the Republic Act No. 660, the Presidential Decree No. 1146, and the Republic Act No. 8291. The borrower must have no outstanding service loans being amortized under the CLASP or the Choice of Loan Amortization Schedule for Pensioners.
Loanable Amounts. The loanable amounts depend on the Basic Monthly Pension (BMP) of the member-borrower as well as the age of the pensioner. Here are the maximum loanable amounts under the offer:
- 60-64 years old — maximum of 6 times your BMP not exceeding Php100,000
- 65-69 years old — maximum of 4 times your BMP not exceeding Php60,000
- 70 years old and above — Two times your BMP but limited to Php20,000
Interest. The GSIS Pension Loan interest rate is at 10% per annum computed in advance. The borrowed amount is payable for up to 24 monthly installments and it is deducted from the monthly pension of the borrower.
How To Apply. To apply for the loan offer of the Government Service Insurance System, it can be done online through the GWAPS kiosk using your UMID card or eCard. The over-the-counter application is only allowed by the GSIS in case the card has defects or the kiosk is not working.
