Guide on GSIS Multipurpose Loan Offer Eligibility Requirements
GSIS MULTIPURPOSE LOAN – Here is a guide on who are eligible to apply for this new loan offer of the Government Service Insurance System (GSIS).
The Government Service Insurance System or GSIS, a state-run social insurance institution, phased out its GSIS Enhanced Conso Loan Plus offer. The said loan offer combines multiple existing loans into a single loan.
One of the main benefits of the said loan offer is that the member wont have to face multiple interest on several existing loans. Also, there is ease in making payments as you will only have to deal on a single loan.
However, recently, the GSIS decided to phase out the said loan offer and replace it with the GSIS Multipurpose Loan or the MPL. It was announced by GSIS President and General Manager Rolando Macasaet.
According to GSIS, the MPL will help members consolidate and pay their outstanding loans. It “prevents penalties incurred by members for unpaid GSIS loans from ballooning,” Macasaet said.
Who are eligible to apply for the GSIS Multipurpose Loan?
To be eligible to apply for the said loan offer, the applicant must be:
- an active or special GSIS member
- having at least three months of premium
- not on a leave of absence without pay
- having no pending cases
- having no arrears under the GSIS Financial Assistance Loan (GFAL) or GSIS Housing Loan
- working in agencies with existing Memorandum of Agreement with GSIS
Do you want to know the loanable amounts under this GSIS loan offer? Feel free to visit – GSIS Multipurpose Loan MPL – How Much You Can Borrow Under It.
To apply for the said GSIS loan offer, you may visit the branch of the social insurance institution nearest to you. Those whose applications for an Enhanced Conso Loan Plus was not approved yet may apply for it as well.
Thank you for visiting our website. We hope we have helped you with regard to this matter. You may keep coming back for more informative guides.
Thats a very good help to us how we can apply
I am already 59 years old no plan to retire I want to try mpl because according to your office console loan have 12percent per annum while mpl is only 7percent
Thanks very much.
If ever I have an existing gfal with 1 month or 2 months arrears due to my transfer of station where am I going to pay my arrears?