Image source:GSIS Official Website
Just like how SSS, and Pag-Ibig (government agency) offer different loan products, GSIS or Government Service Insurance System also provides various loans to assist its active members with their financial needs.
What is GSIS
Photo Source: Business Mirror
The Government Service Insurance System is a government-owned and controlled corporation of the Philippines. GSIS is a social insurance institution that provides a defined benefit scheme under the law.
Resource:GSIS Official Website
What is the role of GSIS
GSIS orGovernment Service Insurance System assists active members in times of emergency or needs. The GSIS allows you to apply for a loan in exchange for your consistent monthly contributions.
Different Types of GSIS Loan
Consolidated Loan consists of Salary Loan, Restructured Salary Loan, Enhanced Salary Loan, Emergency Loan, and Summer One-Month Salary Loan.
The Policy loan can be availed from the member’s GSIS life insurance policy. Policy loan has 8% interest rate and can be settled either through monthly amortization or through deduction from his / her existing life insurance policy contract.
Emergency Loan is the most common and popular loan with GSIS. This is the type of loan where members can avail if they are affected by natural calamities.
Other Types of Loan
The borrower can apply up to 100% of School fees such as tuition fees, miscellaneous fees, etc. The maximum loan amount will be Php 100,000 for a whole academic or school year.
This type of loan is dedicated for old-age GSIS members with no outstanding balance or any unpaid loan with GSIS. The maximum loanable amount for ages 60-65 years old is Php 100,000.
Who Are Eligible for GSIS Loan?
Regular and active members of GSIS are eligible to avail a loan. Members should at least contribute for 20 months to be qualified for the loan. Note that only government workers are entitled to apply for GSIS loan programs.
How to Apply for a GSIS Loan?
Applying for a loan is way better if you apply online. Here’s the simple guide for you:
- Download the form from GSIS downloadable forms
- Fill out the form and prepare the following in PDF or JPG:
2.a Dully accomplished form
2.b Clear picture of the borrower holding his GSIS UMID eCard (or temporary card)
2.c If GSIS UMID card is not available, present 2 valid IDs and do the following:
- Take a clear photo of the 2 valid IDs both front and back
- Take a photo of the borrower holding the 2 valid IDs
What Are the Requirements?
- Must be an official member or pensioner of GSIS
- Accomplishedonline form from GSIS
Final Thoughts in Applying for GSIS Loan
Applying for a GSIS loan is one of your privileges as a long-time contributor and member. Remember to weigh your decisions in applying for a loan and know the purpose of your application.