The Government Service Insurance System (GSIS) announced that all members and pensioners may now apply for an emergency loan up to Php40,000, which is twice as much as the initial loanable amount of Php20,000 when they previously opened the loan application.
Rolando Macasaet, GSIS President and General Manager stated that applicants may avail of the loan by accessing the official GSIS website and following the instructions and submitting the requirements listed therein. It will be payable in 36 monthly installments at 6% interest per annum just like the regular loan.
For those who have already applied for the Php20,000 loan, they may apply again to obtain the Php40,000.
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According to Macasaet, the GSIS has eased the requirements to speed up the disbursement process for needy borrowers. However, take note that only those whose net take home pay will amount to Php5,000 and above will be granted the loan which is based on the laws to avoid over borrowing.
The GSIS has disbursed a total of Php4 billion emergency loans to 50,000 members nationwide as of April 10.
Macasaet seeks for the public’s understanding on the slower process of loan applications given that the agency’s workforce was also reduced as part of the government protocols against the spread of the COVID-19.
For the complete loan application process and requirements, head on to our article GSIS Emergency Loan Application Process and Requirements.