September 05, 2019
State-run Government Service Insurance System (GSIS) has allocated P633-million worth of emergency loans that its members in areas declared under a state of calamity because of a dengue outbreak can tap.
In a statement on Wednesday, the pension fund announced that the emergency loans are available to active members and pensioners in Samar province and municipalities of Pontevedra and Sigma in Capiz and Sofronio Española in Palawan.
The loan application deadline for Samar, Pontevedra and Sigma is September 20, while that for Sofronio Española is September 22, it said.
The GSIS noted that active members with no existing emergency loans and old-age pensioners may apply for a P20,000 loan.
“Those who have not yet fully paid their emergency loan may apply for a P40,000 loan, from which the outstanding balance will be deducted,” it said.
To qualify for the loan, according to the GSIS, active members must be working or residing in the calamity-declared areas; not on leave of absence without pay; have no arrears in paying monthly mandatory life insurance or social insurance premium contributions; and have no unpaid loans for more than six months.
They should also have a minimum net take-home pay of P5,000 after the monthly premium contributions and loan amortizations have been deducted.
Active members may apply through the GSIS Wireless Automated Processing System kiosk located in all GSIS branch and extension offices; provincial capitols; city halls; select municipal offices; large government agencies such as the Department of Education; Robinsons Malls; and select SM City branches in North EDSA, Manila, Pampanga, Cebu, SM Aura in Taguig City, SM Southmall in Las Piñas City and Mall of Asia in Pasay City.
“Old-age pensioners must file their application over the counter to safeguard their identity. If they are also active members, they may apply for the loan only once,”the pension fund said.
It explained that the emergency loans are payable in 36 equal monthly installments at 6 percent interest rate per annum.
The loans are covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date.
Loan proceeds are electronically credited to the borrower’s GSIS electronic card or unified multipurpose identification card.
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