GSIS to offer up to P5 Million loan soon

A program that offers a credit limit of P5 million will soon be made available to members of the Government Service Insurance System (GSIS), having a maximum payment term of 10 years and relaxing the borrowers’ eligibility requirements.

The Multi-purpose Loan (MPL) Plus, according to GSIS General Manager Rolando L. Macasaet, will be opened to members of the state pension fund on April 23.

According to him, they enhanced the MPL program based on the feedback from their members in the previous MPL so that GSIS can offer a loan program that will best suit their needs.

“Sa MPL Plus, umaasa ang GSIS na mas marami pa tayong miyembrong matutulungan (We are hoping that through MPL Plus, we can help more members of GSIS),” he said.

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Macasaet explained that the credit limit under MPL Plus has been raised to P5 million from P3 million, noting that the actual amount will depend on the borrowers’ paid premiums and monthly salary.

Also, he said the loan term was also extended from seven years to 10 years.

GSIS said those qualified for a 10-year loan term are permanent employees who have at least 10 years of premium payments; members with existing Home Emergency Loan Program (HELP) account; and special members under agencies with memoranda of agreement on MPL with GSIS.
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Meanwhile, the state pension fund said non-permanent government personnel who have at least 15 years of premium contributions may pay for the loan in nine years. Previously, their maximum loan term was only five years.

GSIS said the uniform interest rate of seven percent computed in advance will be applied to all borrowers.

Source: Manila Bulletin

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