Details about the GSIS Multi-Purpose Loan Interest Rate & Loanable Amount for Qualified Members
GSIS MULTI-PURPOSE LOAN INTEREST RATE – You can check here the interest rate and the loanable amounts under the offer of the Government Service Insurance System for qualified members.
In the Philippines, members of the Government Service Insurance System or more popularly called GSIS has the state-run entity to turn to for loans. It got several loan offers and it also has a loan that can consolidate all the existing loans of a member.
Aside from the GSIS MPL Flex that qualified members may turn to, the social insurance institution which has a multi-million member populace also has the regular GSIS Multi-Purpose Loan. Under it, several loans can be consolidated under the offer, thus, you can save money from multiple interest rates and easily manage your loans.
Several loans can be consolidated under the Multi-Purpose Loan or also called the MPL. You can have your existing Salary Loan, Restructured Salary Loan, Enhanced Salary Loan, Emergency Loan Assistance, etc. under the MPL. You can check the GSIS Multi-Purpose Loan interest rate and loanable amount below.
How much is loanable under the GSIS Multi-Purpose Loan? With regards to the borrowing amounts set by the Government Service Insurance System, according to the state-run social insurance giant, a qualified may avail up to 14x of his/her basic monthly pay.
While the loanable amounts under the offer may vary on a case-to-case basis, the maximum borrowing amount for a member depends on his/her Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS).
According to GSIS, the loan term depends on the chosen loan amount of the member. In case the member forgets to indicate the preferred loan amount during the application process, it would automatically mean that he/she is applying for the maximum loanable amount.
GSIS Multi-Purpose Loan Interest Rate. With regards to the interest rate under the loan offer, it is dependent on the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS).
- If the PPP of the member is less than 3 years, the GSIS Multi-Purpose Loan interest rate is at 8% per annum.
- If the PPP of the member is less at least 3 years, the GSIS Multi-Purpose Loan interest rate is at 7% per annum.
The loan is payable from two (2) years up to seven (7) years depending on the PPP of the member-borrower. The loan is subject to the interest rate set under the GSIS Multi-Purpose Loan until the loan is fully-paid.