GSIS allots P814 M for emergency loans in 4 Davao region calamity areas
MANILA, Philippines — The Government Service Insurance System (GSIS) on Tuesday said that it allotted P814 million for emergency loan applications of over 40,000 active members and pensioners affected by calamities in four areas in the Davao region.
These areas include the provinces of Davao del Norte and Davao de Oro; and the municipalities of Caraga and Governor Generoso in Davao Oriental.
GSIS President and General Manager Arnulfo Veloso said that active members, old-age and disability pensioners can file the loan application until May 27.
Loan applicants must be residents or are working in the calamity areas.
The other loan qualifications / requirements are:
-not be on leave of absence without pay
-have no pending administrative or criminal case
-have at least three monthly premium payments within the last six months prior to the application
-have no due and demandable loan
-have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted
As for the old-age and disability pensioners, GSIS said that their net monthly pension after availing of the loan should be at least 25% of their basic monthly pension.
GSIS noted that members with existing emergency loans may borrow up to P40,000, while those without emergency loans, including pensioners can avail of the P20,000 loan.
It is payable in 36 equal monthly installments with a 6% interest. It also includes loan redemption insurance that covers the remaining loan balance in the event of the borrower’s demise.
The GSIS noted that the monthly payment for the P20,000 loan will be P655.56 and P1,173.20 for the P40,000 loan.
To submit the loan application, Veloso advised them to use the GSIS Touch application. (Maria Liezl Projella, INQUIRER.net trainee)