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Wednesday, December 21, 2011

News Update : GSIS starts offering emergency loans to 'Sendong' victims

Click picture to go to GSIS Website

21-Dec-11, 10:30 AM | Likha Cuevas-Miel,
MANILA, Philippines - The Government Service Insurance System began extending emergency loans Wednesday to members in areas ravaged by tropical storm “Sendong.”
The state pension fund said that from December 21, 2011 to January 20, 2012, GSIS members can file for an emergency loan if they are living or working in the provinces of Misamis Oriental and Negros Oriental, the municipalities and cities of Dipolog, Zamboanga Del Norte; Polanco, Zamboanga Del Norte; Ozamis, Misamis Occidental; Clarin, Misamis Occidental; Asuncion, Davao Del Norte; Tagbina, Surigao Del Sur; Hinatuan, Surigao Del Sur; Bislig, Surigao Del Sur; Lingig, Surigao Del Sur; Talacogon, Agusan Del Sur; Valencia, Bukidnon; Nabunturan, Compostela Valley; Montevista, Compostela Valley; Compostela, Compostela Valley; New Bataan, Compostela Valley; Monkayo, Compostela Valley; Iligan, Lanao Del Norte; Bubong, Lanao Del Sur; and Kapai, Lanao Del Sur.
Members who can avail of the loan should be in active service and not on leave of absence without pay.
They should also have no pending criminal or administrative charges, no arrearages in the payment of mandatory social insurance contribution and do not have loans in default.
The agency of the member-applicant must not also be suspended because of non-payment and non-remittance of premiums and loans.
Qualified members can apply for an emergency loan through the GWAPS kiosks using their eCard or their UMID eCard. 
Those who do not have an eCard Plus or UMID eCard yet but are eligible can apply over the counter and the emergency loan will be credited to a temporary eCard, which the GSIS started issuing. 
Under the emergency loan program, each eligible member can borrow up to P20,000 at an interest rate of 6 percent per year computed in advance and payable in equal monthly installments over three years.
GSIS said a Loan Redemption Insurance of 1.2 percent of the gross loan amount will be deducted from the proceeds of the loan.
Member-borrowers with outstanding emergency loans will be allowed to renew the loan if they have paid at least 12 monthly installments but not earlier than the anniversary date of the previous loan.
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