Guide on GSIS MPL Flex Members May Turn To for Financial Solutions
GSIS MPL FLEX – Here is a guide on the Multi-Purpose Loan Flex offer of the Government Service Insurance System.
Are you wondering about the loan offers of the Government Service Insurance System? The countless GSIS members across the nation who maintain active accounts to the social insurance giant have an access to several financial solutions.
Aside from the benefit offers of the Government Service Insurance System, the social insurance giant also has loan offers. One of them is the Multi-Purpose Loan Flex or the GSIS MPL Flex that is ready to provide solutions to multiple cash needs of qualified members.
Under the GSIS MPL Flex, several existing loan offers of the member-borrower may be consolidated and deducted from the loan proceeds. This can help the member manage his/her loans more conveniently under a single loan.
Here are the GSIS loans that can be consolidated under the loan offer:
- 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)
The consolidation under the GSIS MPL Flex does not include the GSIS Housing Loan and the GSIS Policy Loan. Meanwhile, it includes the existing Emergency Loan.
Who are qualified to apply for the GSIS MPL Flex? Here are the qualifications set under the loan offer:
- Not on leave of absence without pay at the time of application;
- Has at least one (1) month premium contributions for both Personal Share and Government Share at the time of application;
- Has no pending administrative case and/or criminal case; Provided however, that if the pending administrative case or charge is for a light offesnse, the borrower shal remain eligible.
- Has no GFAL account in default;
- The agency status is not “Suspended”; and
- The 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.
There are varying amounts with regards to how much you may borrow under the GSIS MPL Flex Loan. The loan terms may also vary depending on the total contributions posted by the member-borrower upon the loan application.
There are also varying interest rates under the GSIS MPL Flex loan offer. According to the Government Service Insurance System, members who have existing MPL Plus accounts may still apply for the GSIS MPL Flex provided that they did not avail the maximum loanable amount and loan term under the Plus.
In case the maximum loanable amount and loan term were chosen under the MPL Plus, what is possible for the member is to renew the loan under the MPL Flex after paying at least eight (8) monthly amortizations.
If you are interested to apply for the Multi-Purpose Loan Flex offer, there are requirements for the GSIS MPL Flex application you must prepare and submit to the nearest branch of the social insurance giant.