Guide on GSIS Cash Loan 2024 Members Apply For
GSIS CASH LOAN 2024 – Members of the Government Service Insurance System may apply for the Multi-Purpose Loan for their financial needs.
Through the years, the Government Service Insurance System or more popularly called GSIS is one of the state entities that continuously widen its offers for its members. Its loans are among those that keep growing not just in details but as well as in numbers.
The Government Service Insurance System has both multiple benefit offers and loans that members may apply for. One of the GSIS loans that members may apply for now is the Multi-Purpose Loan Flex, a GSIS cash loan thet qualified members may turn to for their short-term financial needs.
Just like the Enhanced Conso-Loan offer of the social insurance giant, under the GSIS Multi-Purpose Loan Flex, the selected existing loan offers of the member-borrower may be combined under a single loan. The principal balance of these loans will be deducted from the loan proceeds.
By having only a single loan, it will be a lot easier to monitor your payments and it saves you from multiple interest rates as well. Here’s a list of the loans offered by the social insurance giant which can be consolidated under this GSIS cash loan:
- 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)
- Emergency Loan
According to the Government Service Insurance System, the Multi-Purpose Flex does not allow the consolidation of the GSIS Housing Loan and the GSIS Policy loan. There are qualifications that the member-borrower must meet to be eligible to apply for the loan offer. Here are the qualifications for application:
- 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.
With regards to the GSIS cash loan amount allowed for borrowing under the Multi-Purpose Loan (MPL) Flex, there are variations depending on the total contributions posted by the member-borrower on his/her account. The loan terms may also vary.
The Government Service Insurance System has also set varying GSIS cash loan interest rates under the Multi-Purpose Loan Flex offer for members.