GSIS offers emergency loans for flood-hit members in Davao provinces

State pension fund Government Service Insurance System (GSIS) has offered an emergency loan program for members and pensioners in Davao Del Norte, Davao de Oro, Davao Oriental and Davao City who have been affected by flash floods and landslides due to heavy rains.

GSIS said qualified members with no existing emergency loan may borrow up to P20,000 under the GSIS Emergency Loan program.

Meanwhile, those with an emergency loan balance may borrow up to P40,000 to pay off their outstanding emergency loan balance. They will still receive a maximum net amount of P20,000.

“Pensioners are also eligible to apply for a loan of P20,000,” GSIS said in a news release.

Eligible applicants for the 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 the last six months before application.”

GSIS noted that applicants must have no pending administrative or criminal cases and 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,” the statement read.
 
The loan has an interest rate of 6% and a three-year payment term.
 
Members and pensioners may apply for the loan using the GSIS Touch mobile application.

They may also apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks, found in all GSIS offices, selected malls, and large government offices such as the Department of Education.—Sherylin Untalan/LDF, GMA Integrated News