The Government Service Insurance System (GSIS) revealed that it will launch a new program that will allow its members to loan up to Php5 million.
According to GSIS General Manager Rolando L. Macasaet, the Multi-purpose Loan (MPL) Plus will be available starting April 23, 2022, to members of the state pension fund.
The new program will give members a Php 5 million credit limit with a flexible payment term of up to 10 years while also relaxing the eligibility requirements.
Macasaet said that the improved MPL program came from the feedback of the members from the previous MPL. This will allow the GSIS to have a loan program that’s more fitting to its members’ needs.
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In a statement, Macasaet said that they hope the MPL Plus will help more members.
The MPL Plus will have the said Php5 million limit, which is up from the previous Php3 million. The general manager noted that the actual amount depends on the loaner’s monthly salary and paid premiums.
Meanwhile, the said 10-year term is up from the previous 7 years.
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To qualify for the 10-year loan term, the borrower should be a permanent employee that has made at least 10 years of premium payments. They should also have an existing Home Emergency Loan Program (HELP) account and special members under agencies with memoranda of agreement on MPL with GSIS.
Meanwhile, non-permanent government employees who have made at least 15 years of premium payments can now have a 9-year loan term, which is up from the previous 5 years.
All borrowers will have the same 7% interest rate computed in advance.
Via: Manila Bulletin