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GSIS now offers consolidated loan program payable up to 10 years –exec


The Government Service Insurance System (GSIS) on Monday said it now offers a program allowing active members to consolidate and settle their outstanding loan balances for up to ten years.

During a Laging Handa briefing, GSIS Vice President for National Capital Region (NCR)- Operations Group Rodrigo Manuel explained that the Multi-Purpose Loan (MPL) Plus can consolidate all the service loan accounts of a member into one loan account.

According to GSIS' website, the MPL Plus can consolidate the following loans:

  •     Salary Loan
  •     Restructured Salary Loan
  •     Enhanced Salary Loan
  •     Emergency Loan Assistance
  •     Summer One-Month Salary Loan
  •     Conso-Loan Plus / Enhanced Conso-Loan Plus
  •     Member’s Cash Advance / eCard Cash Advance / eCard Plus Cash Advance
  •     Home Emergency Loan Program
  •     Educational Assistance Loan I and II
  •     Fly PAL, Pay Later
  •     Study Now, Pay Later
  •     Stock Purchase Loan

Manuel noted that members may borrow up to 14 times their basic monthly salary but should not exceed the credit limit of P5 million.

This loan can then be paid in a maximum of 10 years, depending on their employment status, periods with paid premiums, and basic monthly salary.

“‘Yung maximum loanable amount, nakadepende ‘yan sa years of service na nakapag-contribute na ng premiums ang ating member. Nakadepende rin ‘yan sa employment status at the time of application ng member borrower. Kasama na rin dito ang amount ng kanilang salary,” he said.

(The maximum loanable amount depends on the years of service that our member has already contributed premiums. It also depends on the employment status at the time of application of the member borrower. This also includes the amount of their salary.)

“Ang kagandahan dito sa MPL Plus, meron itong one-time combination o waiver of interest para sa mga naka in-default or in-arrears na loan accounts. Dahil dito, mababayaran sa abot-kayang halaga ang loan ng ating member,” he added.

(The good thing about MPL Plus is that it has a one-time combination or waiver of interest for in-default or in-arrears loan accounts. Due to this, our members’ loan can be paid at an affordable amount.)

To apply, members need only to prepare their duly accomplished MPL Plus application form, and photocopy of their Unified Multi-Purpose ID (UMID) card or electronic card.—AOL, GMA News
 

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