Guide on GSIS MPL Flex Interest Rates 2024
GSIS CASH LOAN INTEREST RATES 2024 – You can check here the interest rates set by the Government Service Insurance System under its Multi-Purpose Loan (MPL) Flex offer.
Aside from the Social Security System or SSS, another giant social insurance institutions in the Philippines is the GSIS or the Government Service Insurance System. Its member populace is mostly composed of individuals who are working in the government and those who have worked in the public sector before.
The Government Service Insurance System is operating in the Philippines for decades now. Through the years, it has continuously grew its offers. There are several benefit offers provided by the state entity as well as GSIS loans that attend to different situations.
One of the loan offers of the social insurance giant is the Multi-Purpose Loan Flex. You have surely read about it in the prior pages. To sum it up, it is a cash loan offer that can attend to multiple situations.
Under the GSIS Multi-Purpose Loan (MPL) Flex, the qualified member-borrower may get up P5 million depending on the qualification of the member-borrower. The maximum loan term offered by the state entity is 15 years.
However, it is important to note that the loan term varies depending on the contributions of the member-borrower. The same things goes for the loanable amounts.
With regards to the GSIS cash loan interest rates, the social insurance giant implements an interest rate that is either 6% or 7%. It depends if you are a permanent regular member or a non-career regular member.
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% |
The Government Service Insurance System waives the outstanding charges on due of the demandable GSIS loan accounts in first-time loan accounts under the MPL Flex. Here are the loans that can be consolidated under the loan offer:
- 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)
Aside from the high loanable amounts and low interest rates under the GSIS cash loan offer, the state entity also allows loan renewal. The outstanding balance of the MPL Plus will be deducted from the proceeds of the loan under the MPL Flex.
To apply for the loan offer, there are documentary requirements for the GSIS cash loan application.