The Government Service Insurance System has allotted P16.5 million for the emergency loan program for active members and old-age pensioners in Sta. Cruz, Occidental Mindoro, who were affected by Typhoon “Nona.”
Qualified to avail of the loan program which will be open until Feb. 18, 2016 are active members who are residing or working in the calamity-declared area, not on leave of absence without pay, have no arrears in paying premium contributions, and have no loans that are unpaid for more than six months.
Active members applying for the first time may avail of a P20,000 loan, while members with existing emergency loan may borrow up to P40,000, from which the outstanding balance will be deducted.
Pensioners may avail of the P20,000 pensioners’ emergency loan. Pensioners who are also active members may apply for the loan only once.
Emergency loan is payable in 36 equal monthly installments at 6 percent interest rate per annum computed in advance. It is covered by a loan redemption insurance, which deems the loan fully paid in case of demise of the borrower, provided that loan repayment is up to date.
Active members may apply through GSIS Wireless Automated Processing System kiosks located in all GSIS branch and extension offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, selected Robinsons Malls, and SM Super Malls in Manila, Pampanga, and Cebu.
Pensioners need to apply in person.
The deadline for emergency loan application is Feb. 18, 2016.