GSIS MPL Qualifications for Application
GSIS MPL – Here is a guide on who are qualified to apply for the Multi-Purpose Loan offer of the Government Service Insurance System.
Have you heard about the Multi-Purpose Loan offer of the Government Service Insurance System? Truth be told that most of the loan-providing government agencies and institutions in the Philippines have multi-purpose cash loan offers and GSIS is one of these entities.
The GSIS Multi-Purpose Loan offer or also popularly called the GSIS MPL was designed to help the members manage their existing loans including the surcharges to be waived under the new loan. It provides members with existing loans an additional credit line to help them consolidate their existing loan(s).
Being able to consolidate your loans under a single loan offer also means having only to deal with one (1) interest rate. The MPL paves the way for huge savings on the part of the members of the state-run social insurance entity.
The difference between the Conso-Loan and the MPL is that the former only the salary loan and the cash advance can be consolidated while the latter covers special loans like the Stock Purchase Loan (SPL) and the Home Emergency Loan Program (HELP).
Who are qualified to apply for the GSIS MPL? The Government Service Insurance System has set a few qualifications in applying for its Multi-Purpose Loan offer. Here are the qualifications set by the state entity under the loan offer
The member-loan applicant must be:
- not on leave of absence without pay at the time of application
- has at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application
- has no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan
- has no pending administrative case and/or criminal case
- not on a “Suspended” agency status
- having resulting net take-home pay after loan availment is not lower than the amount required under the General Appropriations Act, after all required monthly obligations have been deducted
According to the Government Service Insurance System, even judges and justices are qualified for the Multi-Purpose Loan offer. How much you may borrow under the loan offer?
