Guide on GSIS MPL Flex Loan Loanable Amounts
GSIS MPL FLEX LOAN – You can check here a guide on how much you may borrow under the Multi-Purpose Flex Loan offer and the loan terms.
Are you one of the members of the Government Service Insurance System? More popularly called GSIS, it is a social insurance giant in the Philippines with millions of members. Most of its members are either former or current employees of the government.
The GSIS members can maintain an active membership to the social insurance giant by posting monthly contributions. One of the other side of maintaining an active membership to state entity is widened resoures. It has several GSIS benefits and loan offers that provide financial solutions.
With regards to the loan offers of the Government Service Insurance System, one of them is the GSIS MPL Flex Loan. It is a multi-purpose loan that was crafted to help the members in meeting their financial needs — you can solve multiple financial problems under a single loan.
How much is loanable under the GSIS MPL Flex Loan? The loanable amounts actually varies but a member-borrower may get up to P5 million depending on certain factors. The total posted monthly contributions and the salary of the member-borrower are among these factors.
Here is a guide on the loanable amounts under the GSIS MPL Flex Loan depending on the monthly contributions posted by a member:
- If you have posted at least 1 monthly contribution but less than 20 monthly contributions, you may borrow up to an equivalent of 1x Basic Month Basic Salary.
- If you have posted at least 20 monthly contributions but less than 3 years of monthly contributions, you may borrow up to an equivalent of 3x Basic Monthly Salary.
- If you have posted at least 3 years of monthly contributions but less than 5 years of monthly contributions, you may borrow up to an equivalent of 4x Basic Monthly Salary.
- If you have posted at least 5 years of monthly contributions but less than 10 years of monthly contributions, you may borrow up to an equivalent of 7x Basic Monthly Salary.
- If you have posted at least 10 years of monthly contributions but less than 15 years of monthly contributions, you may borrow up to an equivalent of 10x Basic Monthly Salary.
- If you have posted at least 15 years of monthly contributions or over, you may borrow up to an equivalent of 14x Basic Monthly Salary.
With regards to the loan terms under the GSIS MPL Flex Loan offer, for members who have paid at least one (1) monthly contribution but less than 20 monthly contributions, the loan term available is from one (1) year up to three (3) years.
For member-borrowers with contributions that are at least 20 monthly contributions but not more than 10 years of monthly contributions, the loan is payable from one (1) year up to six (6) years.
For member-borrowers who have posted at least 10 years of monthly contributions, the loan is payable from one (1) year up to 15 years. According to the Government Service Insurance System, a borrower who is qualified for a 10-year loan term may choose for a reduced payment term between one (1) to nine (9) years.
Are you interested to apply for the loan offer? There are some requirements you must submit in applying for the GSIS MPL Flex loan offer.
You might also like to check on the interest rate implemented under the GSIS MPL Flex.