The Government Service Insurance System (GSIS) will open on September 4 its “Emergency Loan Window” (ELW) for over 1,300 active and old-age pensioners in Aborlan town who were affected by the El Niño phenomenon.
In a post on the state pension fund’s website, GSIS said 1,342 active and elderly pensioners may borrow from the program.
As posted in the state pension fund’s website, 1,342 active members and old-age pensioners in Aborlan may borrow from the program.
Those with no existing emergency loans can borrow P20,000 while those who have outstanding balances in their previous emergency loans may borrow P40,000.
GSIS said while there are 110-years-old qualified pensioners that could apply for loans, they are only allowed to apply once for P20,000.
“To qualify, active members must be working or residing in the calamity-declared area, not be on leave of absence without pay, have no arrears in paying monthly mandatory life insurance or social insurance premium contributions, and have no unpaid loans for more than six months,” as stated.
Borrowers should also have a minimum net take-home pay of P5,000 after their monthly premium contributions and loan amortizations have been deducted.
GSIS said that the emergency loan is payable within 36 equal monthly installments at six percent interest rate per annum.
“It is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that loan repayment is up to date. Loan proceeds are electronically credited to the borrower’s GSIS electronic card (eCard) or unified multipurpose identification (UMID) card.
Borrowers who are active members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosk, provincial capitol, municipal hall, and large government agencies such as Department of Education.