The Government Service Insurance System (GSIS) gave its members another month to file their applications for its Covid-19 Emergency Loan program.
The state-run pension fund on Tuesday announced it has extended the deadline for the filing of applications for the emergency loan for another month or until Aug. 12, 2020.
“We are extending the July 12 deadline to give more time for our members and old-age and disability pensioners affected by the public health crisis to apply for the loan. We are expecting to reach out to more than 1.3 million members who are qualified for the loan with a projected total amount of P43 billion,” GSIS President and General Manager Rolando Ledesma Macasaet said.
The loanable amount was increased from P20,000 to P40,000 for borrowers who have existing loans, and its terms were relaxed by allowing borrowers to renew their loan even if they have loan accounts that have not been paid for more than six months and are considered due and demandable.
GSIS also eased the six-month paid premium rule and reduced it to only three months for members to qualify for emergency loan.
It also imposed only three requirements under the enhanced terms of the emergency loan — borrowers must be in active service and not on leave of absence without pay; have no pending administrative case and/or criminal charge; and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.
Loan applications should be submitted through the designated email addresses of the branch offices covering the agencies of active members and place of residence of pensioners.
“Those who are from NCR (National Capital Region) may send their application form and documentary requirements to email@example.com. The list of the email addresses of all GSIS branches is published in the GSIS website (www.gsis.gov.ph),” GSIS said.
“The Covid-19 Emergency Loan application form may be downloaded from https://www.gsis.gov.ph/downloadable-forms. Members may also apply for the loan through the GSIS Wireless Automated Processing System kiosks located in all GSIS branches, DepEd (Department of Education) offices, provincial capitols, city halls, Robinson’s Malls and SM Supermalls,” it added.
Old age and disability pensioners can apply if their resulting net-monthly take-home pension after loan-availment is at least 25 percent of their basic monthly pension. They may only apply online by using the designated email addresses of the branch offices covering their places of residence.
The emergency loan is payable in three years with an interest of only 6 percent.
Once the loan is approved, the proceeds will be directly credited to the Unified Multi-Purpose ID card or temporary eCard account of the borrower.