Complete Guide on GSIS Solar Loan for Qualified Members
GSIS SOLAR LOAN – The Government Service Insurance System provides an access to its members for an easy switch to renewable energy.
In the Philippines, one of the biggest social insurance giants with multi-million members is the Government Service Insurance System. More popularly known as the GSIS, it has several loan and benefit offers for its members.
The GSIS which is operating in the service of the Filipino people for several decades now has continually expanded its offers to ensure assistance to its members in different situations. Its members are Filipinos who have worked or are currently employed in the government.
The social insurance giant does not only have the GSIS Calamity Loan to help the members when natural disasters hit their place, it also has the Ginhawa Solar Energy Loan that qualified members who want to switch to renewable energy may turn to.
Through the GSIS Solar Loan, the social insurance giant wants the opportunity to save on electricity costs and invest in clean and renewable energy be within the reach of its members. Furthermore, with solar power, the members may earn through net metering.
Under the GSIS Solar Loan, a qualified member-borrower may borrow up to Php 500,000. The social insurance giant does not charge a service fee and the maximum loan term is five years.
Furthermore, there a free insurance for three (3) years and the interest is at 5% per year. According to the social insurance giant, the interest rate is computed in advance.
Do you want to get an idea of how much your monthly amortization may be under this GSIS Solar Loan offer? Here’s a sample featuring a Php 500,000.00-loan.
The monthly amortization (MA) shall be computed as follows:
MA = Amount Borrowed (1 + (Annual Interest Rate) (Term))
(12) (Term)
Where: Amount Borrowed = P500,000.00
Annual Interest Rate = 5%
Term = 5 years
Computed monthly amortization for a P500,000.00 loan is P10,416.67
As mentioned earlier, the loan is payable for up to five years. According to GSIS, in the event that you want to terminate your loan ahead of the maturity date based on your chosen loan term, you may do so by paying the outstanding balance before the end of the loan term. No fees shall be charged.
If you have already applied for the loan and there is a factor that pushes you to cancel it, please note that the loan cancellation is only allowed within a period of 30 calendar days since the GSIS approved the loan.
Do you want to check on the requirements in applying for the GSIS Solar Loan?