Details about the GSIS Policy Loan 2023 for Members Insured under LEP
GSIS POLICY LOAN 2023 – Here is a guide on the loan offer for members who are insured under the Life Endowment Policy or LEP.
Millions of Filipinos are members of the GSIS or the Government Service Insurance System. Every month, they submit a monthly contribution to the state-run social insurance institution to maintain an active and updated account which can qualify members to the loans and benefits offered by the state entity.
Aside from the GSIS Enhanced Emergency Loan 2023, another loan offer of members is the GSIS Policy Loan which is open for members who are insured under the LEP or Life Endowment Policy and the ELP or Enhanced Life Policy.
With regards to the GSIS Policy Loan 2023 offer for the LEP or Life Endowment Policy-holders, it is open for the members who meet the following criteria:
- insured under the LEP or Life Endowment Policy for at least a year
- in active service
- active insurance policy
- no pending administrative or criminal case
The loanable amount depends on the type of policy of the GSIS member. In the case of members who are insured under the LEP, you can borrow up to an equivalent of 50% of your cash value. You may apply for the loan offer through any of the GWAPS kiosk in GSIS branches. You just have to prepare your eCard or UMID card.
After the loan application, your AAO must certify through the AOO Secured On-Line Loan Certification Module to confirm that you are still in active service and has no pending administrative and criminal cases prior to the processing of the application for the GSIS Policy Loan 2023.
With regards to the releasing of the loan proceeds, it will be directly credited to your eCard or UMID card account. If the loan was approved before the 10th of the month, the first monthly due on or before the 10th of the following month. If it was approved after the 10th of the month, the first payment is due on or before the 10th of the second month.
On the interest rate under the GSIS Policy Loan 2023 for the LEP or Life Endowment Policy-Holders, it is at 8% per annum. In case of death, separation from work, permanent disability, or retirement of a member, the loan to GSIS automatically matures.