Guide on GSIS Pension Loan – How Much You May Borrow
GSIS PENSION LOAN – Here is a list of the maximum loanable amounts that GSIS pensioners may borrow under the loan offer based on age.
Old-age members of the Government Service Insurance System (GSIS) has a loan offer to turn to aside from the monthly pension it receives from the state-run social insurance institution there is a loan offer that pensioners may turn to.
The Pension Loan is offered to pensioners who are even 70 years old above. The loanable amount depends on the age of the pensioner.
For pensioners between 60 to 64 years old
The GSIS pensioners may borrow up to six (6) times of the Basic Monthly Pension (BMP) but not more than Php 100,000.
For pensioners between 65 to 69 years old
The pensioners may borrow up to four (4) times of the Basic Monthly Pension (BMP) but not more than Php 60,000.
For pensioners 70 years old and above
For pensioners who are aged 70 and above, up to twice of the amount of the Basic Monthly Pension (BMP) is allowed under the loan offer but only up to Php 20,000.
Do you want to apply for the loan offer? The application can be done online. For a guide on the online application, you may visit – How To Apply for GSIS Pension via eGSISmo & the Requirements to Prepare.
The loan processing may be done within the day that the loan application was filed. It will be directly credited to the pensioner’s account within three (3) to five (5) working days since the filing of the loan application.
With regards to the repayment of the loan, according to GSIS, the loan principal, interest, and the other charges are payable in 24 monthly amortizations. It may be deducted every month from the pensioner’s monthly pension.
Aside from the said loan offer, the state-run social insurance institution has several other loan offers for its members. You may visit – GSIS LOANS: List of GSIS Loan Offers Members Can Apply For.