Check here the GSIS Multi-Purpose Loan 2024 Offer for Members
GSIS MULTI-PURPOSE LOAN 2024 – The Government Service Insurance System offers the MPL that combines the existing loans and provide funds.
One of the biggest social insurance institutions in the Philippines is the Government Service Insurance System or GSIS. It has millions of members across the nation. Government employees are mandated to have a membership to the state-run social insurance entity.
An updated GSIS membership widens the access of the member to financial resources. There are several GSIS benefits as well as loan offers that members may apply for most especially in times of urgent needs. In fact, its loan offers continue to grow.
One of the loan offers of the social insurance institution is the GSIS Multi-Purpose Loan or also called by others as GSIS MPL. It is a cash loan offer that is designed to “consolidate all the existing loans of a member, except housing loan”.
There are several loans that can be consolidated under the GSIS Multi-Purpose Loan offer. Here are the loans that can be combined under the MPL:
- 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)
Under the loan offer, the maximum loanable amount depends on the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS). A member-borrower may avail up to 14x of the basic monthly salary of the member-borrower.
According to the GSIS, “the consolidation of the loans shall result in the full liquidation of the outstanding balances on the above loans”. The loan term depends on the members’ Period with Paid Premiums (PPP) and computed Basic Monthly Salary (BMS). With regards to the interest rate, the social insurance giant implements an 8% interest rate per annum for members with PPP of less than 3 years and 7% per annum for members with PPP at least 3 years.
To qualify for the GSIS Multi-Purpose Loan offer, the member-borrower must…
- have posted at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application
- be not on leave of absence without pay at the time of application
- having no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan
- having no pending administrative case and/or criminal case
- employed in an agency with the status that is not “Suspended”
- having a 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
Aside from the eligibility requirements, there are also documentary requirements in applying for the GSIS Multi-Purpose Loan offer. No worries, there are also several options with regards to the application process.