Guide on GSIS MPL Features & Application Process
GSIS MPL – You can check here the features of the multi-purpose cash loan offer of the Pag-IBIG Fund that members may apply for.
Aside from the Social Security System, another social insurance giant in the Philippines is the Government Service Insurance System. More popularly called GSIS, it has millions of members from across the nation.
The employees of the government are mandated to maintain an active membership to the GSIS. That is why the members of the state-run social insurance institutions are former and current employees of the government.
The GSIS has offers that are exclusive for its members. These include loans and benefits offers. One of the loan offers that are exclusive for the members of the state-run social insurance giant is the Multi-Purpose Loan or also popularly called GSIS MPL.
Through the MPL, members who have existing loans to the Government Service Insurance System can consolidate their loans under a single loan offer. Here are the loans covered by the MPL:
- 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)
The surcharges of the existing loans may be waived and there will be a full liquidation of the outstanding balances of every existing loan. What sets the Multi-Purpose Loan different from the Conso-Loan is that it includes special loans like the Stock Purchase Loan (SPL) and the Home Emergency Loan Program (HELP).
To qualify for the GSIS MPL, the member must not be on leave of absence without pay at the time of application and has posted at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application.
Furthermore, there must be no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan, no pending administrative case and/or criminal case, and not on a “Suspended” agency status.
The 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
With regards to the loanable amount under the GSIS MPL, a member may avail up to 14x of his/her basic monthly salary. The maximum loanable amount is based on the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS).
The PPP is also the basis of the member with regards to his/her option on the loan amount and the corresponding term. For borrowers with existing Emergency Loan(s), the accounts in arrears will be deducted from the proceeds of the GSIS MPL.
