Members of the Government Service Insurance System (GSIS) in Laguna province who were affected by the recent typhoons that hit the province last year have until January 30 to avail themselves of emergency loans, the state insurer recently announced.
In a news release issued Thursday, January 2, GSIS said it has earmarked nearly P8.6 billion in emergency loans for 363,547 active members and pensioners affected by recent typhoons.
Eligible members must reside or work in the declared calamity zones; not on unpaid leave; have paid premiums for at least six months; have no pending administrative or criminal cases; and maintain a net take-home pay of at least PHP5,000 after deductions.
"Qualified members without an existing emergency loan can borrow PHP20,000, while those with existing loan balance may apply up to PHP40,000, provided the net proceeds do not exceed PHP20,000," the GSIS said.
"The loan has a 6 percent interest rate, a three-year payment term, and redemption insurance coverage, which settles the loan balance in the event of the borrower’s death during the loan term, provided payments are up to date."
Old-age and disability pensioners in the affected areas may also apply, provided they will maintain at least 25 percent of their net monthly pension after paying the amortization.
Applications can be submitted via the GSIS Touch mobile app, available on Google Play and the Apple App Store.
Funds will be credited electronically to the borrower’s eCard or UMID card.
(With report from PNA)
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