Guide on GSIS Multi-Purpose Loan Loanable Amount & Other Important Details
GSIS MULTI-PURPOSE LOAN – The Government Service Insurance System offers a Multi-Purpose Loan with a high loanable amount.
Unknown to many people but the Government Service Insurance System is actually one of the providers of a Multi-Purpose Loan. In the case of the social insurance giant’s offer, it is exclusive for its members who meet the eligibility requirements but it has set a huge maximum loanable amount under it.
Millions of Filipinos are members of the Government Service Insurance System or more popularly called GSIS. These are individuals who are working in the government or have worked in the government before as a GSIS membership is mandated among the government employees.
Every month, GSIS members pay for a contribution or savings to the state-run social insurance agency. The contribution requirement is usually part of the qualifications in applying or availing the offers of the social insurance giant.
Aside from the GSIS Benefits, the Government Service Insurance System also offers thje GSIS Multi-Purpose Loan or also called MPL. It can consolidate the existing loans of the member-borrower so it would be easier to settle as they will be under a single interest and the existing surcharges may be waived.
Here are the loans that may be consolidated under the Multi-Purpose Loan offer:
- Salary Loan (SL)
- Restructured Salary Loan (RSL)
- Enhanced Salary Loan (ESL)
- Emergency Loan Assistance (ELA)
- Summer One-Month Salary Loan (SOS)
- Conso-Loan Plus / Enhanced Conso-Loan Plus
- Member’s Cash Advance / eCard Cash Advance / eCard Plus Cash Advance
- Home Emergency Loan Program (HELP)
- Educational Assistance Loan I and II (EAL I / II)
- Fly PAL, Pay Later (FPPL)
- Study Now, Pay Later (SNPL)
- Stock Purchase Loan (SPL)
How much you may borrow under the GSIS Multi-Purpose Loan offer? A “member may avail up to 14x of his basic monthly salary” as per the social insurance giant. The maximum amount that a member may borrow is actually dependent on “the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS)”.
There are both eligibility and documentary requirements for the GSIS MPL application. There are also several options on how a member of the social insurance institution may apply for it.
