GSIS Unveils Newest Cash Solution Offer “GSIS Multi-Purpose Loan Lite” for Qualified Members
GSIS MULTI-PURPOSE LOAN LITE – The Government Service Insurance System launched its newest cash loan offer, the MPL Lite.
In the Philippines, there are loan-providing state entities thus, a membership to them with an updated account is really an advantage. Their offers can be your safety net in times of calamity, job loss, pregnancy, and a lot more.
One of the giant social insurance institutions in the country with several loan offers is the Government Service Insurance System. More popularly called GSIS, it has millions of members across the nation as individuals working in the government are mandated to maintain active memberships to the state entity.
GSIS is operating in the Philippines for decades now. It has several benefit offers for members as well as loans that provide financial solutions in different situations. Recently, it made another addition to the set of GSIS loans for members.
The Government service Insurance System recently unveiled the GSIS Multi-Purpose Loan Lite or also called the MPL Lite. It is a cash loan offer designed to provide an immediate relief to the cash needs of qualified members.
Who are qualified to apply for the GSIS Multi-Purpose Loan Lite offer? According to the social insurance giant, here are the qualifications under its newest loan offer:
- an active member under permanent and non-permanent status, including Special Members tagged as such in their respective Member’s Service Profiles (MSPs) whose agency has a MOA with GSIS may avail of MPL Lite
- not on leave of absence without pay at the time of application
- has at least one (1) month premium contributions for both Personal Share and Government Share at the time of application
- has no GFAL account in default except housing loan
- has no pending administrative case and/or criminal case; Provided however, that if the pending administrative case or charge is for a light offense, the borrower shall remain eligible
- agency status is not “Suspended”
- resulting net take-home pay after loan availment is not lower than the amount required under the General Appropriations Act, after all required monthly obligations have been deducted
With regards to the loanable amounts, the qualified members of the Government Service Insurance System may borrow up from Php 5,000 to Php 50,000. The loan is payable within 6, 12, 18, or 24 months. With regards to the interest rate, it varies.
The GSIS implements a 6% interest rate if you will borrow Php 30,000 provided that you have a PPP of at least three (3) years but less than 10 years. The same interest rate is implemented by the social insurance institution if the amount borrowed is Php 50,000 and the PPP is at least 10 years.
The state entity offers a 7% interest rate for members with less than 3 years of PPP and borrowing Php 20,000. The same interest rate is up for special members who borrowed Php 50,000 under the GSIS Multi-Purpose Loan Lite.