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P288-m El Niño loans from GSIS for Davao Sur

The Government Service Insurance System is allocating P288 million for its active members and old-age pensioners in the province of Davao del Sur which has been affected by El Niño.

The deadline of application for the loan is May 23.

Under the program, members with no existing emergency loan may borrow P20,000 while those who still have outstanding balance in their previous emergency loan account may be granted a P40,000 loan. Old-age pensioners in the area may apply for a P20,000 loan.

At present, a total of 10,497 active members and 1,933 old-age pensioners in the area are qualified to apply for the loan.

To qualify, active members must be working or residing in the calamity-declared area, not be 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. Pensioners who are also active members may apply for the loan only once.

Active members may apply through the GSIS Wireless Automated Processing System kiosk located in all GSIS branch and extension offices; provincial capitols; city halls; selected municipal offices; large government agencies such as the Department of Education; and Robinsons Malls.

Loans may also be filed at selected SM City branches in North EDSA, Manila, Pampanga, Cebu, SM Aura in Taguig, SM Southmall in Las Piñas, and Mall of Asia in Pasay City, subject to approval of their agency authorized officer.

Old-age pensioners must personally apply for the loan.

The GSIS emergency loan is payable in 36 equal monthly instalments at six percent interest rate per annum. It is 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 (eCard) or unified multipurpose identification card.

Topics: Government Service Insurance System , Wireless Automated Processing System
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