GSIS Multi-Purpose Loan — Here’s How Much Members May Borrow
GSIS MULTI-PURPOSE LOAN – Here is a guide on the loanable amount under the MPL loan offer of the Government Service Insurance System.
One of the advantages of loans provided by government social insurance institutions is that there are additional options in case of multiple interests, delayed payments, and many other circumstances that may unfortunately take place.
In the case of the members of the Government Service Insurance System or more popularly called GSIS, one of the loan offers is the GSIS Multi-Purpose Loan which was designed to consolidate multiple loans to help the members in dealing with the interest rates most especially when there are delayed payments already.
This loan offer is different in the case that it includes in the consolidation even the special loans. To reiterate, here are the loans that can be consolidated under the offer:
- Salary Loan (SL)
- Restructured Salary Loan (RSL)
- Enhanced Salary Loan (ESL)
- Emergency Loan Assistance (ELA)
- Summer One-Month Salary Loan (SOS)
- Conso-Loan Plus / Enhanced Conso-Loan Plus
- Member’s Cash Advance / eCard Cash Advance / eCard Plus Cash Advance
- Home Emergency Loan Program (HELP)
- Educational Assistance Loan I and II (EAL I / II)
- Fly PAL, Pay Later (FPPL)
- Study Now, Pay Later (SNPL)
- Stock Purchase Loan (SPL)
How much you may borrow under the GSIS Multi-Purpose Loan? According to the Government Service Insurance System, a member may avail up to 14x of his/her basic monthly salary. The maximum loanable amount is dependent on the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS).
According to the GSIS, a member can pick the amount of loan and corresponding term based on his PPP. In case the member fails to indicate the preferred loan amount, the state entity takes it that the member is applying for the maximum loan amount which he/she is qualified to avail.
The Emergency Loan (EML) accounts in arrears or in default will be deducted from the proceeds of the GSIS Multi-Purpose Loan. How much is the interest rate under the loan offer?
