Guide on GSIS MPL Flex Interest Rate 2024
GSIS MPL FLEX INTEREST RATE 2024 – Here is a guide on the interest rates that the Government Service Insurance System implements under the Multi-Purpose Loan Flex offer for qualified members.
In the Philippines, one of the biggest state entities with millions of members if the GSIS or the Government Service Insurance System. It is operating in the country for decades now and most of its members are workings and former employees of the government.
Individuals who are working in the government are required to open and maintain an active GSIS membership. While a membership may take a slice of the member’s monthly salary for the monthly contribution, it widens the resources of the members.
The Government Service Insurance System offers several GSIS benefits as well as loans. Aside from the GSIS Enhanced Conso-Loan Plus, the GSIS Emergency Loan, and the GSIS Pension Loan, the state entity also offers the Multi-Purpose Loan Flex or the MPL Flex.
The MPL Flex is designed to help the members consolidate their existing loans under a single loan or to obtain a financial solution. Up to P5 million may be borrowed depending on the qualification of the member-borrower.
The loan is payable for up to 15 years depending on the total contributions posted by the member-borrower. With regards to the GSIS MPL Flex interest rate, the Government Service Insurance System implements a 6-7% interest rate.
For Permanent Regular Members, the state entity implements the following:
| PPP | GSIS MPL Flex Interest Rate |
| At least 1 month but less than 20 mos. | 7% |
| At least 20 mos. but less than 3 years | 7% |
| At least 3 years but less than 10 years | 6% |
| At least 10 years and over | 6% |
For Non-Career Regular Members, the state entity implements the following:
| PPP | GSIS MPL Flex Interest Rate |
| At least 20 mos. but less than 3 years | 7% |
| At least 3 years but less than 10 years | 6% |
| At least 10 years and over | 6% |
According to GSIS, for the first-time borrowers under the Multi-Purpose Loan Flex offer, there is a one-time waiver on the outstanding charges on due and demandable GSIS loan accounts.
Under the MPL Flex, the existing loans of the member-borrower are consolidated will be computed up to the date of the granting of MPL Flex and will be deducted from the loan proceeds. The following loans are included:
- Emergency Loan unpaid for 6 months or less or in-default
- GSIS Financial Assistance Loan (GFAL) in-arrears
- 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)
If you have an MPL Plus and you wish to renew under the MPL Flex, the outstanding balance of the MPL Plus will be deducted from the proceeds of the loan under the MPL Flex. There are very few requirements for the GSIS MPL Flex application.