The Government Service Insurance System (GSIS) announces on its social media page that they will be offering low-interest loans and will be changing the current consolidated loan into a multi-purpose loan starting October 2020.
“Dubbed GSIS Multipurpose Loan (GSIS MPL), the new loan program gives borrowers an additional credit line that will help them consolidate and pay their outstanding GSIS loan balances,” it said,
With the operation of GSIS MPL, the state pension fund said the Enhanced Conso-loan plus program will be phased out.
“GSIS MPL offers our members affordable payment terms, especially those who have reached their borrowing limit and have been unable to pay their GSIS loans,” GSIS president and general manager (PGM) Rolando Ledesma Macasaet said.
“We urge government agencies to forge a memorandum of agreement with GSIS so that their employees may enjoy MPL’s benefits in no time,” Macasaet added.
The following GSIS service loans may be paid through MPL in the following order:
- Salary Loan
- Restructured Salary Loan
- Enhanced Salary Loan
- Emergency Loan Assistance
- Summer One-Month Salary Loan
- Conso-Loan Plus or Enhanced Conso-Loan Plus
- Member’s Cash Advance, eCard Cash Advance, or eCard Plus Cash Advance
- Emergency Loan
- Home Emergency Loan Program (HELP)
- Education Assistance Loan I and II
- Fly Pal, Pay Later
- Study Now, Pay Later
- Stock Purchase Loan
“Not included in the program is GSIS’s housing loan and policy loans,” the pension fund said.
“Payments will be automatically deducted from the borrower’s salary,” the GSIS said.
“MPL proceeds will be directly credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card,” the GSIS said.