GSIS launches new flexible, 'lite' loan program

State workers’ pension fund Government Service Insurance System (GSIS) on Tuesday announced the launch of a new loan program aimed at giving an immediate financial relief to members of affected by unexpected expenses and budget shortfalls.

In a statement, GSIS said the newly introduced Multi-Purpose Loan (MPL) Lite program is tailored specifically to support members needing quick financial aid by offering loans for as low as P5,000 to a high of P50,000.

The MPL Lite also has a flexible repayment terms of six, 12, 18 or  24 months and an interest rates of 6% or 7%, based on the member’s years of service.

The loan program also includes a one-time loan redemption insurance fully deducted upfront without fees for early repayment and without service fee for those who have active MPL Flex, according to GSIS.

MPL Flex is a program designed to consolidate all of a member’s existing loans in one, with an interest rate of 6% and repayment term of up to 15 years.

Meanwhile, the MPL Lite is available in the GSIS Touch mobile app.

“As we reaffirm our commitment to deliver meaningful and significant products and services to our members, the GSIS has developed this program to provide accessible and affordable financial solutions that aim to honor their contributions. With e-crediting, hassle-free way to access funds and streamlined application process, government workers have a safe and reliable financial option at their fingertips,” said GSIS president and general manager Wick Veloso.

Once approved, GSIS said the funds are credited within three days. — Ted Cordero/RSJ, GMA Integrated News