Government employees can now avail the GSIS emergency loan up to Php40, 000, not just Php20, 000 as earlier announce.
GSIS President Macasaet said that they’ve increase the allowable amount after seeing that some of the loan applicants have an existing loan.
It is stated under the GSIS rules that the outstanding loan amount of a member will be deducted from the proceeds of the emergency loan once the application has been approved.
An emergency loan is available within three months after the declaration of state of calamity in the area, unless earlier lifted or extended as circumstances may warrant. This is the first time of GSIS to implement emergency loan nationwide.
Application is done online. So far, GSIS received almost 40, 000 applications nationwide.
(Also read: Steps on How to Apply GSIS Loan Online)
GSIS also offers life insurance for medical front-liners who are also GSIS members up to 500k pesos.
READ City Savings Bank will start collecting all loan payments with payment due dates from June 1, 2020 onwards.