Guide on GSIS MPL Flex Loanable Amounts for Qualified Members
GSIS MPL FLEX LOANABLE AMOUNT – Here are the borrowing amounts allowed under the Multi-Purpose Loan Flex offer of the Government Service Insurance System.
In the Philippines, one of the giants in terms of providing social insurance services to millions of Filipinos is the GSIS or the Government Service Insurance System. It is in the service of millions of Pinoys not only for years but for decades now since 1937.
The GSIS started operating in the Philippines after it was established by the Congress of the Philippines through Commonwealth Act No. 186 on November 14, 1936. Filipinos who are working in the government are mandated to apply for a membership to the GSIS.
For the members to maintain an active membership, he/she must regularly post a monthly contribution. It may qualify a member to the different GSIS benefits and loan offers provided by the social insurance giant.
One of the loan offers that the social insurance giant offers its members is the Government Service Insurance System is the GSIS Multi-Purpose Loan Flex. It is a cash loan offer that can combine the existing loans of a member under a single loan and provide some extra cash.
The GSIS MPL Flex Loanable Amount is dependent on the monthly contribution posted by the member. Meanwhile, the maximum loanable amount is P5 million. Thus, for bigger loanable amounts, it is best to regularly post GSIS premiums.
Here is a guide on the GSIS MPL Flex loanable amount based on the monthly contribution posted by the member-borrower:
- If you have posted at least 1 monthly contribution but less than 20 monthly contributions, you may borrow up to an equivalent of 1x Basic Month Basic Salary.
- If you have posted at least 20 monthly contributions but less than 3 years of monthly contributions, you may borrow up to an equivalent of 3x Basic Monthly Salary.
- If you have posted at least 3 years of monthly contributions but less than 5 years of monthly contributions, you may borrow up to an equivalent of 4x Basic Monthly Salary.
- If you have posted at least 5 years of monthly contributions but less than 10 years of monthly contributions, you may borrow up to an equivalent of 7x Basic Monthly Salary.
- If you have posted at least 10 years of monthly contributions but less than 15 years of monthly contributions, you may borrow up to an equivalent of 10x Basic Monthly Salary.
- If you have posted at least 15 years of monthly contributions or over, you may borrow up to an equivalent of 14x Basic Monthly Salary.
GSIS members who have paid at least one (1) monthly contribution but less than 20 monthly contributions may choose to pay for the borrowed amount from one (1) year up to three (3) years. Member-borrowers with contributions that are at least 20 monthly contributions but not more than 10 years of monthly contributions may repay the loan from one (1) year up to six (6) years.
GSIS member-borrowers with at least 10 years of monthly contributions may pay the loan from one (1) year up to 15 years. You might like to check on the interest rate under the GSIS Multipurpose Loan Flex.
To apply for the loan offer, there are some GSIS Multipurpose Loan Flex requirements that you need to prepare for the loan application.