List of GSIS Multi-Purpose Loan Qualifications for Application
GSIS MULTI-PURPOSE LOAN – Here are the qualifications in applying for the Government Service Insurance System cash loan offer.
Have you heard about the cash loan offer of the Government Service Insurance System? It is officially called the GSIS Multi-Purpose Loan or MPL and it got the following functions:
- help the member in his/her financial needs
- consolidate the existing loans of a GSIS member under a single loan
- provide the member with an additional credit line for the consolidation of the existing GSIS loans
The MPL is one of the many loan offers that social insurance giant has for its members. It also has the Pension Loan, the Policy Loan, the Emergency Loan, and the Enhanced Conso-Loan Plus.
What sets the MPL different from the Enhanced Conso-Loan Plus which also consolidates existing loans of a GSIS member is that the MPL’s coverage includes special loans. Here is a comparison:
Multi-Purpose Loan (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)
Enhanced Conso-Loan Plus
- Salary Loan
- Restructured Salary Loan
- Enhanced Salary Loan
- Emergency Loan Assistance, and
- Summer One-Month Salary
Who are qualified to apply for the GSIS Multi-Purpose Loan offer? The Government Service Insurance System has crafted a list of qualifications in applying for the loan offer. To qualify, here are the eligibility requirements that a member-borrow must meet:
- not on leave of absence without pay at the time of application
- has at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application
- no pending administrative case and/or criminal case
- no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan
- agency status is not “Suspended”
- 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
Qualified member-borrowers may wonder how much you may borrow under the GSIS MPL?