Details about the GSIS Emergency Calamity Loan Monthly Amortization
GSIS EMERGENCY CALAMITY LOAN – Do you want to know the amount of the monthly amortization under this loan offer?
The main advantage of being a member of the different government agencies is that you have something to turn in times of unforeseen circumstances like calamities. Which government agencies are you a member of?
One of the biggest state-run agencies in the Philippines is the Government Service Insurance System. More commonly called GSIS, the members of this social insurance institution are individuals who are working or have worked in the government or the public sector.
Every month, members of the GSIS remit a certain amount to the social insurance institution based on their salary. Accumulated contributions or savings may qualify a member for a benefit or loan grant.
One of the loans that the Government Service Insurance System offers is the GSIS Emergency Calamity Loan. It is open for GSIS members who are living or working in an area hit by a calamity. The place must have been placed under a state of calamity by the Office of the President or Sangguniang Bayan.
A member has 90 days from the date of the declaration to apply for the said calamity loan offer. You may borrow P20,000 under it. The interest rate is at 6% and the borrowed amount can be repaid up to three (3) years or 36 monthly installment.
How much you will have to pay for as monthly amortization under the GSIS Emergency Calamity Loan? The monthly due for 36 months will be P655.56 per month.
- Loan Amount – P20,000.00
- Interest Rate – 6%
- Term of Loan – 3 years
- Amount of Interest: P20,000.00 x 6% x 3 years = P3,600.00
- Total Loan Amount: P20,000.00 x P3,600.00 = P23,600.00
- Monthly Amortization: P23,600 / 36 months = P655.56 per month