GSIS vows fast processing of emergency loans

Members of the Government Service Insurance System (GSIS) affected by last week’s earthquake in Cebu and Bohol  can avail of emergency loans which can be released within one to three days.

“We’re trying our best to disburse the loans immediately,” said Maria Fatima Alvarez, GSIS branch manager yesterday.

GSIS members affected by the quake may apply for an emergency loan amounting to a maximum of P20,000 for new applicants while those who have an existing balance will be granted a maximum of P40,000, half of which will be used to pay off the outstanding amount from their previous emergency loan.

The emergency loan will be taken from a fund of P3 billion, equally distributed in the provinces of Cebu and Bohol, said Alvarez.

“This is to make sure that we don’t run out of funds,” she said.

Alvarez said that so far, they have already given out loans to at least a fifth of the total 51,968 members of Cebu while they still do not have data regarding the 17,270 members in Bohol.

Active members may apply for the loan if they are residing or working within affected areas in Cebu and Bohol, not on leave of absence without pay, have no arrears in the payment of mandatory social insurance contributions and do not have a currently due and demandable loan.

“The deadline for submission of application is November 24,” said Alvarez.

Kiosks

Aside from applying over-the-counter at GSIS offices, members may access the GSIS Wireless Automated Processing System (GWAPS) kiosks located in government offices and other establishments all over Cebu and Bohol.

There are currently 31 kiosks stationed in Cebu while 12 are stationed in Bohol, said Alvarez.

Members will only have to use the Unified Multipurpose Identification (UMID) card, while those without one may use a temporary eCard Plus, to electronically apply for the loan through these kiosks. The emergency loan will be electronically granted and transmitted to the applicants’ accounts within one to three days, depending on the bulk of applications.

Interest

Alvarez said that for the emergency loan, they have decreased their interest rate from eight to six percent and will be payable within 36 months or 3 years.

GSIS has also extended the payment of the first monthly amortization to three months from the loan drawdown.

“If you loan in October, you can start paying through monthly installment by January,” said Alvarez./Correspondent Victor Anthony Silva