Details about the GSIS Policy Loan 2023 for Members Insured under ELP
GSIS POLICY LOAN 2023 – Here is a guide on the loan offer for members who are insured under the Enhanced Life Policy or ELP.
Are you one of the millions of members of the GSIS or the Government Service Insurance System? You might also be insured under any of the two (2) major policy offers of the state-run social insurance institution which includes the ELP or the Enhanced Life Policy.
Members of the GSIS who are insured under the Enhanced Life Policy or ELP may apply for the Policy Loan offer of the state-run social insurance entity in times of need for cash. It is like a multi-purpose cash loan offer using the policy that members can turn to aside from the GSIS Enhanced Conso-Loan Plus.
With regards to the GSIS Policy Loan 2023 offer for the ELP or Enhanced Life Policy-holders, it is open for the members who meet the following criteria:
- insured under the ELP or Enhanced Life Policy for at least a year
- in active service
- active insurance policy
- no pending administrative or criminal case
How much you may borrow under the GSIS Policy Loan 2023 as insured under the ELP or Enhanced Life Policy? For members who are insured under the ELP, you may borrow an equivalent of up to 70% of the accumulated termination value of your policy.
With regards to the loan application, it can be electronically processed by applying through any of the GWAPS kiosk found in the different GSIS branches nationwide. You just have to bring your eCard or UMID card. You may also apply for it over-the-counter.
Following the loan application, through the AOO Secured On-Line Loan Certification Module, your AAO must certify that you are still in active service and has no pending administrative and criminal cases prior to the application for the GSIS Policy Loan 2023.
Once the loan application is approved, the loan proceeds will be directly credited to your eCard or UMID card account. For loan applications approved before the 10th of the month, the first monthly payment is due on or before the 10th of the following month. If your loan was approved after the 10th of the month, the first monthly due is on or before the 10th of the second month.
With regards to the interest rate under the Policy Loan offer for the ELP or Enhanced Life Policy-Holders, it is at 8% per annum. According to GSIS, the policy loan automatically matures in case of the borrower’s death, permanent disability, separation from work, or retirement of a member.