The GSIS said that it allotted P814 million for emergency loan applications of over 40,000 active members and pensioners affected by calamities in four areas in the Davao region.
-have no pending administrative or criminal case-have no due and demandable loan
-have a net take-home pay not lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted As for the old-age and disability pensioners, GSIS said that their net monthly pension after availing of the loan should be at least 25% of their basic monthly pension.GSIS noted that members with existing emergency loans may borrow up to P40,000, while those without emergency loans, including pensioners can avail of the P20,000 loan.
It is payable in 36 equal monthly installments with a 6% interest. It also includes loan redemption insurance that covers the remaining loan balance in the event of the borrower’s demise. The GSIS noted that the monthly payment for the P20,000 loan will be P655.56 and P1,173.20 for the P40,000 loan.RELATED STORY:
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