The Government Service Insurance System (GSIS) on Monday offered its emergency loan program to affected active members, as well as old-age and disability pensioners working or residing in the province of Albay, as Mayon Volcano’s activity intensifies, and in Cebu City due to a landfill landslide.
Affected members and pensioners may avail of GSIS’s ongoing emergency loan granting nationwide until February 7.
“The emergency loan aims to help affected members and pensioners address urgent financial needs arising from the calamities, including temporary displacement, loss of livelihood, and other related disruptions,” GSIS said.
Eligible to apply are active members who are working or residing in Albay and Cebu City, are not on leave of absence without pay, have at least three months of paid premiums within the last six months, have no pending administrative or criminal cases, have no unpaid loans for more than six months, and have a take-home pay of at least P5,000 after deductions.
Old-age and disability pensioners may apply if at least 25 percent of their basic monthly pension remains after loan deduction.
New applicants may borrow P20,000, while those with existing loans may borrow up to P40,000, from which their balance will be deducted to get a maximum net amount of P20,000.
The loan is payable in three years with a low interest rate of 6 percent per annum and no processing fee. It is covered by a loan redemption insurance, which deems the loan fully paid in case of the demise of the borrower, provided that the loan payment is up to date.
