Guide on Who Are Qualified for GSIS Pension Loan Offer for Pensioners & the Requirements
GSIS PENSION LOAN – Here are the qualifications in applying for the Pension Loan offer of the Government Service Insurance System and the requirements in applying.
Are you a pensioner of the Government Service Insurance System or more commonly called GSIS and you are currently in need of some extra cash? The GSIS Pension Loan may be the answer you are looking for.
Under this loan offer of GSIS for its pensioners, the pensioner may borrow up to six (6) times of his or her basic monthly pension but not over P500,000.00. So if you are receiving P25,000 as monthly pension, you can borrow up to P150,000.00 from the social insurance institution.
Who are qualified to apply for GSIS Pension Loan? To be eligible for the said loan offer, pensioner-borrower must be:
- receiving a monthly pension from the Government Service Insurance System (GSIS) for at least a month
- having no outstanding service loans being amortized under the Choice of Loan Amortization Schedule for Pensioners (CLASP) and/or the GSIS Program of Restructing and Repayment of Debts (PRRD) at the time of filing
Requirements for GSIS Pension Loan Offer:
- duly-accomplished and signed GSIS Pension Loan Application Form
- pensioner’s UMID card or any two (2) government-issued identification card bearing the signature of the pensioner and his or her photograph
To apply for the said loan offer, you can visit a branch of the Government Service Insurance System (GSIS) and submit your requirements for application or other application modes as there are several ways to apply for the offer. The payment terms is up to 24 months with an interest rate of 10% per annum.
You might also like to check on the other loan offers of GSIS for its eligible members. Feel free to visit – GSIS LOANS: List of GSIS Loan Offers Members Can Apply For.