Guide on GSIS Emergency Loan — How Much You May Borrow
GSIS EMERGENCY LOAN – Here are the minimum and maximum loanable amounts under this loan offer of the Government Service Insurance System.
Are you one of the members of the Government Service Insurance System? More popularly called GSIS, this state-run social insurance giant has several loan offers for its members. It is best to know that you can turn to the government agency when your place was unfortunately struck by a natural calamity. It has designed a loan to help the members financially in recovering from the impacts.
Members of the GSIS whose place of residence or work has been struck by a natural calamity may qualify to the GSIS Emergency Loan offer. It is open not only for those who have no existing emergency loan accounts but even to those who have existing accounts of the same type.
With regards to the loanable amounts under the GSIS Emergency Loan offer, it depends if the member-borrower has an existing loan account of the same type or none. According to the state-run social insurance institution, for those who have no existing Emergency Loan account, you may borrow P20,000 under the loan offer.
On the other side, if you have an existing Emergency Loan account but the area where you reside or work has been hit by another calamity or contingency, you may borrow up to P40,000 under the loan offer. The outstanding balance of your previous loan will be deducted from the loan proceeds of your new loan.
There are only a few requirements for the GSIS Enhanced Emergency Loan application. The government agency has set a short list of the eligibility criteria with only one (1) document needed for the application.
Under the GSIS Enhanced Emergency Loan offer, the AAO certification is required after the application. The employer must provide the certification through the GSIS Electronic Online System or the GEOS to confirm that the member-borrower…
- is still in active service
- has no pending criminal or administrative case prior to the processing of the application
- not on a leave of absence without pay
- monthly amortization will be deducted by the employer from the salary of the member-borrower and remitted to the government social insurance institution within the 10th of the month following the first due date
If the member-borrower has been separated from service, a clearance is needed. It can be obtained by the employer from GSIS before the releasing of any document or final payment to the member-borrower.