Guide on GSIS Multi-Purpose Loan Features & Application
GSIS – The Government Service Insurance System offers a Multi-Purpose Loan to help members who have existing loan/loans to the state-run social insurance institution.
Employees of the government in the Philippines are mandated to maintain an active membership to the Government Service Insurance System or more popularly called GSIS. Thus, the GSIS have millions of members across the nation.
A lot of the members have turn into pensioners after retiring from public service and being approved of a Retirement Benefit offer. A GSIS membership is one of the ways of the government in widening the options of the members and helping them prepare better for the future.
Are you one of the members of the Government Service Insurance System? The social insurance institution has several benefit offers which include the the Life Insurance, Separation, Disability, Unemployment, Survivorship, Retirement, and Funeral benefits.
The GSIS also offers an Employees Compensation benefit for the working members of the social insurance entity. Aside from the benefit offers, the state institution also offers loans.
One of the loan offers of the GSIS is the Multi-Purpose Loan or also called the MPL. It was designed to consolidate all the existing loans of a member except the housing loan, the policy loan, and the emergency loans to help members with waive certain charges and have access to an additional credit line that can help them in handling their existing loans.
Here are the loans that can be consolidated under the Government Service Insurance System:
- 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)
According to the Government Service Insurance System, the full liquidation of the outstanding balances of each of the loan offers including the surcharges that will be waived will be computed up to the date of the granting of the Multi-Purpose Loan.
Who are qualified to apply for the Multi-Purpose Loan? The state-run social insurance institution has set a list of qualifications in applying for the loan offer.
