Features of GSIS Emergency Loan Offer for Members
GSIS EMERGENCY LOAN – Here are the important details about the loan offer of the Government Service Insurance System for members affected by calamities.
Among the many events that can take place, some of those that cannot be prevented are the natural calamities. Some times, they are the effects of what people do to the natural environement. Other times, they are completely uncontrollable.
Furthermore, the impacts of the natural calamities can only be prepared for but not prevented. It can range from damaging structures and livelihoods to taking away lives. One of the best preparations is maintaining an eligibility to calamity loan offers.
In the Philippines, one of the calamity loan providers is the Government Service Insurance System or more popularly called GSIS. Millions of people have access to the GSIS loan offer as millions of Filipinos are members of the social insurance giant.
The GSIS Emergency Loan was designed as a turn to for qualified members during times when a natural disaster has left their place under a State of Calamity. Through it, the social insurance giant aims to help the members in recovering from the impacts of the natural disaster.
How much is loanable under the GSIS Emergency Loan offer? The loanable amount may vary depending on whether or not the borrower has an existing calamity loan or none.
In case the member-borrower has no existing loan, he/she may borrow up to Php 20,000. In case there is, the borrower may loan up to Php 40,000 but the balance of the outstanding loan will be deducted from the loan proceeds of the new loan.
With regards to the loan repayment, the Government Service Insurance System allows a maximum loan term of three (3) years or 36 monthly contributions. The monthly due will be in equal amounts and the loan is subject to a 6% interest rate in advance computation.
The loan offer is open for members who are living or working in an area under a State of Calamity and not on a leave of absence without pay. To apply for the loan offer, there are documentary requirements that must be submitted for the application.
