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Good News!!! GSIS Service Loans can be combined into a single account through the best offer of an MPL Plus

Good News!!! GSIS Service Loans can be combined into a single account through the best offer of an MPL Plus

Some government employees have existing GSIS service loans and plan to combine them into a single account to clean up their pay slips. GSIS offers Multi-Purpose Loan to restructure loans. Teachers who do not have any GSIS loans can apply for GSIS service loans to get cash, especially during difficult times.

Sadly, due to inadequate net pay, teachers’ salaries do not have enough money left over to apply for any GSIS service loans due to existing loans from private lending. GSIS has a lot of excellent loan offers, but they are not listed on their pay slips because teachers want instant money, especially during emergency situations.

Teachers can benefit greatly from GSIS service loans, but it depends on their net pay. The GSIS service loans are good, but there are more years of waiting until they are paid off compared to private lending. Teachers are more likely to go to private lenders because they can get the exact amount they need before the sun goes down, and all they need is their pay slip to avail the loan.

Even though GSIS offers self-service kiosks, it takes days for loans to be reviewed or issued. If they apply today, teachers should expect to wait 2-3 days to withdraw the loanable amount. The Multi-Purpose Loan (MPL) allows active GSIS members to take out a sizable loan and combine their GSIS service loans into a single account, but the question is, does their net pay enough?

Active members of the Government Service Insurance System (GSIS) who still owe money on their loans can combine them all into a single loan account called MPL Plus. National Capital Region Operations Group Vice President Rodrigo Manuel announced Monday that MPL Plus gives members the chance to restructure their “in-default” as “in-arrears” loan accounts.

So dahil po dito, ay mababayaran sa abot-kayang halaga ang loan po ng atin pong member, “he said during the “Laging Handa” public briefing. Manuel pointed out that GSIS members who do not have outstanding loan obligations but need to increase their credit line can also enjoy MPL Plus, which offers lower interest rates and longer payment terms.

“Ang maximum loanable amount is up to 14 times the basic monthly salary ng isang miyembro.” Ngunit hindi po dapat ito mag exceed up to a maximum of PHP5 million, ‘he clarified. The maximum loanable amount depends on the number of years in service, employment status, and salary of the member.

I think teachers have the opportunity to combine their GSIS service loans into a single account by availing of the Multi-Purpose Loan (MPL). But make sure the teachers’ net pay is enough to cover the amount of arrears. Even though MPL offers a big loanable amount based on the basic salary and number of years of service, the net pay is also considered. – Doki | Helpline PH

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