The Government Service Insurance System (GSIS) has made available P44 million as emergency loan package for members and pensioners of Mercedes and Vinzons in Camarines Norte affected by heavy rainfall.
Active GSIS members living or working in the calamity-hit areas are eligible for the loan. They must have paid their premiums within the last six months prior to application and not be on leave of absence without pay. 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 after loan availment is at least 25% of their basic monthly pension and they have no outstanding loan being deducted from their monthly pension except pension loan.
Members with current emergency loans may borrow up to P40,000 to settle previous loan balances, ensuring a maximum net amount of P20,000. Those without any outstanding emergency loan, including pensioners, may apply for a P20,000 loan.
The loan has a 6 percent interest rate and a three-year payment term.
Members may apply for the loan anytime, anywhere via the GSIS Touch mobile app. They may also apply for the loan through the nearest GSIS kiosk located in major government offices such as the Department of Education; all GSIS branches; provincial capitols; city halls; municipal offices; and select Robinsons and SM malls.
