GSIS raises emergency loan credit limit to 40K, waives renewal req’t for quake-hit victims in Bohol, Cebu State pension fund Government Service Insurance System (GSIS) announced today that more than 35,000 active members affected by the 7.2 magnitude earthquake in Bohol and Cebu will benefit from the increased emergency loan credit limit and the waiver of the requirement to pay 12 monthly amortizations before renewing their emergency loan. Under the new policy, approved by the Board of Trustees on Friday, members who are either residing or working in Bohol and Cebu and who have a balance in their existing emergency loan may borrow up to Php40,000. “This will enable our members to take home a bigger loan amount even if they have to deduct the balance in their previous emergency loan from the renewal proceeds,” President and General Manager Robert G. Vergara said. In addition, members residing or working in Bohol and Cebu who have no balance in their previous emergency loan accounts may avail themselves of the regular Php20,000 loan. The pension fund will accept loan applications until November 24, 2013 in any GSIS branch office either through its file anywhere policy or through the GSIS Wireless Automated Processing System (GWAPS) kiosk using their GSIS eCard or their unified multipurpose identification (UMID)-compliant eCard. Out of the 910 GWAPS kiosks nationwide, 35 automated kiosks are deployed in Cebu and 12 in Bohol. “GSIS further deployed portable kiosks in both provinces so we can reach our members more quickly,” Vergara said. Loan application forms are also available at GSIS offices or downloadable at gsis.gov.ph. Members may submit their loan applications over the counter at the nearest GSIS office. The pension fund’s branch offices in Bohol and Cebu will remain open during weekends to serve its members. The emergency loan is payable in 36 equal monthly installments with a reduced interest rate of six percent. Qualified members are those not on leave of absence without pay; have no arrears in the payment of mandatory monthly contributions; and have no loans declared in default. For more information on the emergency loan program, members may visit the nearest GSIS office or call the GSIS contact center at 847-47-47.
Posted on: Tue, 22 Oct 2013 01:37:05 +0000
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