GSIS offers calamity loan to members in Koronadal City

MANILA (PNA) -- More than 6,000 active members of the Government Service Insurance System (GSIS) working or residing in Koronadal City in South Cotabato and in the municipality of Tungawan in Zamboanga Sibugay stand to benefit from the emergency loan that the GSIS offers until July 16.Close to 800 old-age pensioners may also apply for a Php20,000 emergency loan.GSIS has earmarked more than Php202 million for the loan program implementation in the areas, which were declared under state of calamity due to the long dry season.Members who will avail of the loan program for the first time may apply for a Php20,000-loan, while members with existing emergency loan balance may renew their loan and borrow Php40,000.Eligible to apply are members who are not on leave of absence without pay, have no arrears in paying premium contributions, and have no loans in default.The loan carries a 6 percent interest rate per annum and is payable in 36 monthly installments.The pension emergency loan is covered by a loan redemption insurance, which deems the loan fully paid in case of the borrower’s demise.Active members who are also old-age pensioners may apply for the loan only once. They are entitled to a Php40,000 gross loan amount if they have an existing emergency loan balance.Active members may apply through GSIS Wireless Automated Processing System (GWAPS) kiosks located in GSIS offices, provincial capitols, city halls, selected municipal offices, large government agencies such as the Department of Education, and selected Robinsons Malls.Loan proceeds are electronically credited to the borrower’s GSIS eCard or unified multipurpose identification (UMID) card.(PNA)