Guide on GSIS Enhanced Conso-Loan Plus Features & Application
GSIS ENHANCED CONSO-LOAN PLUS – If you have multiple loans, you can have it under a single loan under this offer of the Government Service Insurance System.
There are several members of the GSIS who have availed multiple loan offers from the social insurance giant. While these loans are in the advantage of the member as they have solved multiple financial needs, they may also equate to multiple interest which may be a huge challenge on the part of the borrower.
Meanwhile, the state-run social insurance institution came up with a loan that can save members who have multiple loans from also having to deal with multiple interest rates — the GSIS Enhanced Conso-Loan Plus.
The Enhanced Conso-Loan Plus was designed by the state entity for the purpose of consolidating or combining the loans of the members under a single loan. The following loans may be combined under the offer:
- Salary Loan
- Restructured Salary Loan
- Enhanced Salary Loan
- Emergency Loan Assistance
- Summer One-Month Salary Loan
Who are qualified to apply for the GSIS Enhanced Conso-Loan Plus? Here are the eligibility requirements set by the state-run social insurance institution under the offer:
- permanent and non-permanent members
- have at least 15 years of periods with paid premiums (PPP)
- have no pending administrative or criminal case
- not on leave of absence without pay
- have a net take-home pay of not less than the amount mandated under the General Appropriations Act.
How much is loanable under the offer? With regards to the amounts that may be borrowed under the offer, it is dependent on the premium payments that a member has posted on his/her account.
Meanwhile, the GSIS has posted a guide on the maximum loanable amount based on the number of months/years that a member has posted contributions. Here’s a guide:
| Minimum GSIS Contributions Required | Maximum Loanable Amount | Loan Term |
| 20 months | 3-month loan | 6 years |
| 40 months | 4-month loan | 6 years |
| 5 years | 7-month loan | 6 years |
| 10 years | 10-month loan | 10 years |
| 15 years | 12-month loan | 10 years |
| 25 years | 14-month loan | 10 years |
With regards to the interest rates under the GSIS Enhanced Conso-Loan Plus, the state-run social insurance giant has set the interest at 12% per annum compounded annually based on a diminishing balance.
To apply for the loan offer, you just have to go to a branch of the Government Service Insurance System and use your eCard or UMID Card in applying for the loan through the GWAPS kiosk.
Aside from the Enhanced Conso-Loan Plus, the state-run social insurance giant also offers a Policy Loan.
