Check Here the GSIS Multi-Purpose Loan 2024 Details
GSIS MULTI-PURPOSE LOAN 2024 – Here’s a financial product that can consolidate your existing loans and provide you extra funds.
In the Philippines, millions of Filipinos are members of the Government Service Insurance System or GSIS. Filipinos who are employed in the government are required to be a member of the social insurance giant which provides a membership that widens the access of the members to financial solutions.
The Government Service Insurance System has several benefit offers including the Retirement Benefit, Separation Benefit, Unemployment Benefit, Disability Benefit, Survivorship Benefit, and Funeral Benefit among others.
The social insurance giant also has loan offers. In times of natural disasters, qualified members may turn to the GSIS Calamity Loan offer. In times of need for extra cash for several purposes, qualified members may turn to the GSIS Multi-Purpose Loan offer.
Under the GSIS Multi-Purpose Loan, the existing loans of the member-borrower may be consolidated and he/she may avail extra funds. Here are the loans that can be consolidated under the loan 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)
Under the GSIS Multi-Purpose Loan offer, a member-borrower may get up to an equivalent of 14x of the member-borrower’s basic monthly salary. According to the state-run social insurance agency, the maximum amount allowed for borrowing is a case-to-case basis. It is dependent on the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS).
The GSIS implements an interest rate that is dependent on the PPP of the members. “An interest rate of 8% per annum for members with PPP of less than 3 years and 7% per annum for members with PPP at least 3 years”.
Who are qualified to apply for the GSIS Multi-Purpose Loan offer? Here are the qualifications set by the social insurance entity under the loan offer:
- has at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application
- not on leave of absence without pay at the time of application
- has no pending administrative case and/or criminal case
- agency status is not “Suspended”
- has no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan
- 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
Are you interested to apply for the loan offer of the Government Service Insurance System? You must check out the list of GSIS Multi-Purpose Loan requirements as well as the options for the application process.