Government Service Insurance System (GSIS) president and general manager Wick Veloso said the pension fund is prepared to extend emergency loan to members and pensioners in Davao Del Norte, Davao de Oro, Davao Oriental and Davao City beset by continuous rainfall, resulting in flash floods and landslides.
Under the GSIS Emergency Loan program, qualified members who have no existing emergency loan may borrow up to P20,000. Those with existing emergency loan balance may borrow up to P40,000 to pay off their outstanding loan balance and still receive a maximum net amount of P20,000. Pensioners are also eligible to apply for a loan of P20,000.
Eligible applicants for emergency loan are active members residing or working in places that have been declared as calamity areas, who are not on leave of absence without pay and have paid their premiums within six months prior to application. They should have no pending administrative or criminal case and a have a resulting net take-home pay of at least P5,000 after all the required monthly obligations have been deducted.
Old-age and disability pensioners residing in the calamity areas may also avail of the loan as long as their resulting net monthly pension is at least 25 percent of their basic monthly pension and have no outstanding loan being deducted from their monthly pension except pension loan.
The loan has a low interest rate of 6 percent and three-year payment term. With a redemption insurance feature, the balance is deemed fully paid in the event of the borrower’s death, as long as payments are updated.
Members and pensioners may apply for the loan using the GSIS Touch mobile application, available for download from the Google Play Store and Apple App Store. They may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks, found in all GSIS offices, selected Robinson’s and SM Supermalls, and large government offices such as the Department of Education.
Over-the-counter application will be allowed if the GWAPS kiosk is offline or if the borrower has no ecard, has a defective ecard, unreadable biometrics or temporary-issued eCard.
