How To Apply for GSIS Pension Loan 2023 Offer for Pensioners
GSIS PENSION LOAN 2023 – Here is a guide on the application process in applying for the Pension Loan offered for GSIS pensioners.
Millions of old-age individuals are pensioners of the Government Service Insurance System in the Philippines or more popularly called GSIS. It is a state-run social insurance entity that offers several types of loans and benefits for its members.
Each loan and benefit offer for members has its own set of eligibility requirements for application. It usually includes a required number of contributions posted to be eligible for the offer. One of the loans offered by the state-run social insurance institution is the Pension Loan.
Who are qualified to apply for the Pension Loan? The loan offer is open to old-age pensioners under the following Retirement Programs:
- Republic Act No. 660
- Presidential Decree No. 1146
- Republic Act No. 8291
The member-pensioner must have no outstanding service loans being amortized under the Choice of Loan Amortization Schedule for Pensioners (CLASP) at the time of filing.
Under the GSIS Pension Loan, the loanable amounts depend on the age of the pensioner as well as his/her Basic Monthly Pension or BMP. Meanwhile, a pensioner may borrow less than the maximum amount set for his/her age. The interest rate is set at 10% per annum.
How to apply for the GSIS Pension Loan 2023? Qualified pensioners may process their loan application online through the GWAPS kiosks using the eCard or UMID card.
The Government Service Insurance System only allows over-the-counter applications if the pensioner cannot complete the online application process through the kiosk because of defects in the card or kiosk. It must be a personal application.
If the loan application is received by GSIS before 12 noon, it will be processed within the day. The loan proceeds will be directly credited to the account of the pensioner within three (3) to five (5) days from the application.
