The Government Service Insurance System has earmarked P31.86 million in emergency loan for its 986 active members and 290 old-age pensioners in quake-hit Wao, Lanao del Sur.
Active members are qualified to apply for the loan until June 29 if they are residing or working in the calamity-declared area, are not on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than six months.
Those applying for the first time may avail of a P20,000 loan, while those with existing emergency loan may borrow up to P40,000, from which their outstanding balance will be deducted.
Active members may apply through the GSIS Wireless Automated Processing System (GWAPS) 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; Robinsons malls; and selected SM City branches in North Edsa, Manila, Pampanga, Cebu, and SM Aura in Taguig.
Old-age pensioners must apply in person at any GSIS office to avail of the P20,000 emergency loan. Those who have become active members anew after reentering government service may apply for the loan only once.
Emergency loan is payable in 36 equal monthly installments 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 (UMID) card.