State pension fund Government Service Insurance System (GSIS) has unveiled a multi-purpose loan flex program (MPL Flex) for public school teachers and other GSIS members in celebration of the National Teachers’ Month.
The MPL Flex provides competitive interest rates starting from 6 percent and extends the repayment term to 15 years from the previous 10-year limit.
The lower interest rate and longer payment term translate to lower monthly payments.
“The MPL Flex initiative is in response to the call of Vice President and DepEd Secretary Sara Duterte to bolster the financial resilience of teachers in line with DepEd’s MATATAG agenda,” GSIS president and general manager Wick Veloso said.
Veloso added that the MPL Flex provides an “important lifeline to teachers to improve their financial capacity by using the loan for their various needs including capital to start their own business.”
The program also allows members with a mere one-month premium contribution to apply, as opposed to the earlier three-month contribution requirement.
“The program is so flexible that borrowers can customize their loan terms based on their unique needs and financial situation,” Veloso pointed out.
In addition, full repayments before the end of the loan term will incur no pre-termination fees.
Eligible applicants are active and special members not on unpaid leave during the application period. They should have made at least one premium payment in the six months leading up to their application and have no pending administrative charge.
Veloso said that those struggling with outstanding arrears on their GSIS loans can also seek assistance through MPL Flex, with first-time beneficiaries benefiting from a waiver on surcharges.
Members can apply via the GSIS Touch mobile app, GSIS Wireless Automated Processing System (GWAPS) kiosks, or in person at any GSIS branch. Upon approval by the agency authorized officer, loan proceeds will be credited to the member’s eCard account within one business day.
