GSIS offers emergency loans for quake victims

STATE-RUN Government Service Insurance System (GSIS) also announced on Wednesday that they will grant emergency loans to assist members and pensioners who are residing or working in the quake-hit areas.

GSIS President and General Manager Wick Veloso said they have allocated P5.4 billion for the emergency loan program this year.

“We will ensure that our members and pensioners will receive financial assistance, through our emergency loan, to tide them over during the crisis. We are also in touch with all public entities affected by the earthquake to check if there are damaged government properties that may claim insurance from GSIS,” Veloso said.

GSIS members with existing emergency loan balances may borrow up to P40,000 to pay off their previous emergency loan balance and still receive a maximum net amount of P20,000. Those without existing emergency loans as well as pensioners may apply for the P20, 000 loan.

Active members residing or working, as well as old-age and disability pensioners residing in affected areas in Northern Luzon may apply for the loan after these have been declared under a state of calamity.

The GSIS emergency loan is payable in 36 equal monthly installments at a 6 percent interest rate computed in advance. It is also covered by loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise, provided that the loan payment is up to date.

Qualified to apply are members who are in active service and not on leave of absence without pay; have at least three months of paid premiums within the last six months; have no pending administrative or criminal case, and have a net take-home pay of not lower than P5,000 after all required monthly obligations have been deducted.