Guide on GSIS Emergency Loan Amount 2024 for Members
GSIS EMERGENCY LOAN AMOUNT 2024 – You can check the details here regarding the loan offer of the Government Service Insurance System.
Are you wondering if the Government Service Insurance System also has a calamity loan offer like the Social Security System’s offer? The answer is YES but it is called differently. For GSIS members, the offer is the GSIS Emergency Loan which is open for both active members of the state-run social insurance giant and pensioners.
There is a separate Emergency Loan offer for pensioners. With regards to the offer for the active members, it is open for the members of the state-run social insurance giant who are living or working in areas declared under a State of Calamity.
Under the Emergency Loan offer, the Government Service Insurance System has crafted a list of few eligibility requirements for application to the loan offer. Here is the eligibility criteria under the offer:
- member resides or works in an area declared under a State of Calamity
- in active service
- not on a leave of absence without pay
- has no arrears in the payment of mandatory social insurance contributions
- has no in-default loan (unpaid for more than 6 months)
With regards to the GSIS Emergency Loan amount, it depends if the member-borrower has no existing Emergency Loan or he/she has. If the member has no existing loan of the same kind, the borrowing amount allowed is Php 20,000.
In case the member-borrower has an existing Emergency Loan, he/she may borrow Php 40,000. The balance of the outstanding loan will be deducted from the loan proceeds of the new loan.
The loan is payable for up to three (3) years or 36 monthly installments in equal amount. It is subject to an interest rate of 6% in advance computation.
To apply for the loan offer, there are GSIS Emergency Loan requirements for application. You may download the application form online.