Guide on GSIS Pensioners Loan Loanable Amounts
GSIS PENSIONERS LOAN – Here are some details on how much a pensioner may borrow under the loan offer of GSIS.
Filipinos who are working in the government or have worked in the government are members of the GSIS or the Government Service Insurance System. A membership to the state-run social insurance institution is mandated and their contribution are deducted through a payroll deduction from their salary.
Upon the reaching the age of retirement, a member who maintained an active and updated account may qualify to any of the GSIS Retirement Benefit Programs and obtain a pensioner’s benefits. Most retirees prefer a monthly pension that they can turn to as they have stopped working.
Aside from the monthly pension, the pensioners of the Government Service Insurance System have exclusive loan offers from the state-run social insurance agency. One of these offers is the GSIS Pensioners Emergency Loan which pensioners who are living in calamity-stricken areas may turn to.
How much you may borrow under the GSIS Pensioners Loan offer? According to the state-run social insurance agency, a pensioner may borrow Php 20,000.00 under the loan. It is open for pensioners under the following retirement programs:
- Republic Act No. 660
- Presidential Decree No. 1146
- Republic Act No. 8291
The member-borrower must have no outstanding service loans being amortized under the Choice of Loan Amortization Schedule for Pensioners (CLASP) at the time of filing. He/She must be residing in the area declared under a state of calamity.
The GSIS loan is payable in 36 equal monthly installments. It will be deducted from the monthly pensioner of the member-borrower until the loan is fully-paid. The interest rate is at 6% per annum. For further benefit of the borrower, the first payment for the loan begins three (3) months after the release of the loan proceeds.
