Steps on How To Apply for Calamity Loan in PH & the Requirements
HOW TO APPLY FOR CALAMITY LOAN IN PH – Here is a complete guide for the Filipinos who want to apply for a Calamity Loan offer.
In the Philippines, one of the huge advantage of maintaining active memberships to the government institutions is that you have a turn to in times of natural disasters. Among these state entities are the Government Service Insurance System (GSIS), Social Security System (SSS), and the Pag-IBIG Fund.
GSIS Emergency Loan
The GSIS Calamity Loan is extended for members of the Government Service Insurance System who meet the following qualifications for application:
- in active service and not on leave of absence without pay
- a resident or government employee in an area under State of Calamity
- has no pending criminal or administrative charges
- has no loan that has been declared in default
- has no missing/overdue debts in their monthly contributions
Under the offer, a member may borrow Php 20,000 up to Php 40,000. The loan is payable for up to 3 years or 36 monthly installments. It bears an interest rate of 6% per annum.
With regards to the process on how to apply for the Calamity Loan offer, you can do go for an in-person application at a branch of the GSIS or through your eCard Plus at any GSIS servicing office which has a G-W@PS kiosk installed.
To apply for the loan through the G-W@PS, the borrower must select “Emergency Loan” from the “Loan” menu and follow the steps provided to complete the transaction.
Pag-IBIG Fund Calamity Loan
The Pag-IBIG Fund has its own Calamity Loan offer for eligible members. Here are the qualifications set by the government entity under its offer:
- has posted at least 24 monthly savings
- has made at least 5 monthly savings in the last 6 months
- lives in in an area under a Pag-IBIG State of Calamity
Under the offer, a member may borrow up to an equivalent of 80% of his/her regular savings to the Fund. The interest rate is set at 5.95% per annum and is payable for up to 36 monthly amortizations.
According to the Fund, the loan application must be filed within 90 days from the declaration of State of Calamity. The member who wants to apply for the loan must prepare and submit the Pag-IBIG Calamity Loan requirements for application.
SSS Calamity Loan
The Social Security System has its own Calamity Loan offer that is exclusive for its members. The SSS Calamity Loan is open for members who meet the following eligibility criteria for application:
- a minimum of 24 monthly contributions posted and three (3) of which must have been posted within the last 12-month period before the month of filing of loan application
- at least 60 years old upon the filing of the loan application
- not a recipient of any final SSS benefit nor was refunded SSS contributions
- has updated payments in case of existing loans with the SSS
Under the SSS Calamity Loan offer, the borrowing amount is equivalent to one (1) monthly salary credit (MSC). It is payable for up to two (2) years or 24 monthly installments.
How to apply for the Calamity Loan offer of the state-run social insurance giant? There are SSS Calamity Loan requirements that you need to prepare and submit to the state entity. You may apply for the loan in-person at an SSS branch or through your My.SSS account.