The Government Service Insurance System (GSIS) said it opened an emergency loan window for members and pensioners adversely affected by weather changes in Zamboanga City in response to the president’s call to assist victims of calamities.
A total of 23,872 active members and 5,208 old-age and disability pensioners who are working or residing in Zamboanga City may apply for the emergency loan.
The deadline for filing of application is on April 25.
GSIS earmarked P705.36 million for the loan window to help those affected by heavy rainfalls and depleting water supply in the city.
Members with existing emergency loan balance may borrow up to P40,000 to clear the balance of their previous emergency loan and receive a maximum net amount of P20,000. Meanwhile, pensioners and those without existing emergency loan may apply for a P20,000 loan.
To qualify for the GSIS Emergency Loan, active members should not be on unpaid leave, have no pending legal cases, have paid premiums within the last six months and their net take-home pay should not be lower than P5,000 as prescribed by the General Appropriations Act.
Old-age and disability pensioners residing in the calamity area may avail of the loan provided their net monthly pension is at least 25 percent.
The loan has a low interest rate of 6 percent and payment period of three years. It also includes redemption insurance coverage, which will pay off the loan balance in case of the borrower’s death during the loan term, for as long as the payments are updated.