GSIS: El Niño-hit members, pensioners in Iloilo may apply for emergency loan

The Government Service Insurance System (GSIS) on Monday announced that it  is offering an emergency loan program to its active members and pensioners in Iloilo who were affected by the recent El Niño.

"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," said GSIS Vice President Marge Jorillo.

"At present, a total of 33,465 active members and 7,407 old-age pensioners in the area are qualified to apply for the loan," she added.

Qualified for the emergency loan are active members who are working or residing in the calamity-declared area.

He/she should not be on leave 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.

A minimum net take-home pay of P5,000 is also required.

The state pension fund said that pensioners who are also active members may apply for the emergency loan only once.

The deadline of the application will be on July 25, 2019.

Active members may apply through the GSIS Wireless Automated Processing System kiosks located in all GSIS branches and other establishments.

Old-age pensioners, on the other hand, must personally appear for the emergency loan application.

This loan will be payable in 36 equal monthly installments with a six percent interest rate per annum.

The loan proceeds will be disbursed through the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.

In case of the borrower's demise, the loan will be rendered as fully paid because it is covered by a loan redemption insurance, provided that the loan repayment was up to date. 

The grant covers the whole province except for Iloilo City and the municipalities of Janiuay, Lambunao, and Mina as the loan application period in these areas already ended on June 29, 2019, according to the GSIS. —Dona Magsino/LDF, GMA News