The Government Service Insurance System (GSIS) announced it has earmarked P1.1 billion in emergency loan for its 42,141 members and 12,128 pensioners in Iloilo who were affected by Typhoon Ursula.
With a loanable amount of P20,000, the loan is payable in 36 equal monthly instalments at 6 percent interest rate computed in advance, the state pension fund said. It is covered by a loan redemption insurance that deems the loan fully paid in case of the borrower’s demise, provided that loan payment is up to date.
To qualify, active members must be working or residing in Iloilo; have updated premium payments within the last six months prior to application; have no unpaid loans for more than six months; not be on leave of absence without pay; have no pending administrative case or criminal charge; and have a minimum net take-home pay of P5,000 after monthly premium contributions and loan amortizations have been deducted.
The GSIS said its members may apply through its Wireless automated processing system (Waps) kiosk or over the counter in any GSIS office. The GSIS said its Waps kiosks are located in all its branch and extension offices; city halls; selected municipal offices; offices of large government agencies; and, shopping malls.
Old-age and disability pensioners living in the area may apply for emergency loan if the resulting net monthly pension after availing the loan is at least 25 percent of their basic monthly pension. They have to apply for the loan over the counter.
The deadline for application is March 5, 2020.
Loan proceeds are electronically credited to the borrower’s GSIS electronic card or unified multipurpose identification card, the GSIS said.