Members May Avail GSIS Lite Loans by October
GSIS LITE LOANS – The Government Service Insurance System is preparing to provide a Multi-Purpose Loan Lite that can provide members from Php 5,000 up to Php 50,000.
Millions of Filipinos are GSIS or Government Service Insurance System members. The state-run social insurance institution is operating in the country for decades already. Government employees are mandated to maintain an active membership with the GSIS.
To maintain an active account with the GSIS, a member must regularly post a monthly contribution. The rate depends on the salary of the member and, most often, it is deducted by the employer directly from the payroll.
On the other side of maintaining an active account to the Government Service Insurance System are the multiple GSIS benefits and loans that members may avail. Its loan offers include the GSIS Multi-Purpose Loan that is open for members who meet the following qualifications:
- 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
Aside from the said cash loan offer, the state-entity also offers the GSIS Calamity Loan. It is open for members who meet the following eligibility criteria:
- member resides or works in an area declared under a State of Calamity
- in active service
- not on a leave of absence without pay
- has no arrears in the payment of mandatory social insurance contributions
- has no in-default loan (unpaid for more than 6 months)
Aside from the Multi-Purpose Loan and the Calamity Loan offer, the Government Service Insurance System is also currently crafting GSIS lite loans. According to GSIS president and general manager Arnulfo Veloso, under the said type of loan offer, members may avail small loans ranging from Php 5,000 to Php 50,000.
Veloso described it like a diet loan where qualified members can avail small amounts for emergency purposes. According to him, they are eyeing to make the GSIS lite loans available for members by October.
Furthermore, the GSIS President said that a maximum of one-year loan term is set under the GSIS lite loans. It intends to quickly address a qualified member’s financial needs and they can easily go to their account.