Guide on Whether or Not GSIS Policy Loan Can Be Consolidated Under the Multipurpose Loan Offer
GSIS POLICY LOAN – Here is a guide on whether or not this Government Service Insurance System loan is covered by the new GSIS Multipurpose Loan.
In the Philippines, many people are members of the Government Service Insurance System or more commonly called as GSIS. Most of the members of this state-run social insurance system are employees of the government and public agencies.
Every month, members of GSIS remit a part of their salary as their savings to the social insurance institution. Accumulated savings can qualify a member to the benefits and loans offered.
Undeniably, a lot of GSIS members got multiple loans to the social insurance institution. Previously, these loans can be consolidated under the GSIS Enhanced Conso Loan Plus.
However, recently, the social insurance institution phased out the Enhanced Conso Loan Plus offer. Meawhile, it introduced a new loan – the GSIS Multipurpose Loan or the MPL.
The MPL aims to provide more credit line to the borrowers by merging their existing loans into a single loan. It promotes easier tracking of your existing loans and saving up from the interest.
With regards to its coverage, there are loans that may not be covered by the GSIS Multipurpose Loan. One of these loans is the GSIS Policy Loan.
The GSIS Policy Loan lets you borrow an amount depending on your insurance policy with the social insurance institution. Members of the institution are offered two options – the Life Endowment Policy (LEP) and the Enhanced Life Policy (ELP).
Do you want to check on the loans covered by the GSIS MPL? You may visit – GSIS Loans You May Pay Through the Multipurpose Loan or MPL (LIST).
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.
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