📋 Tender Overview
The Government Service Insurance System GSIS has earmarked P1.1 billion in emergency loan for its 42141 members and 12128 pensioners in Iloilo who were affected by typhoon Ursula.With a loanable amount of P20000 the loan is payable in 36 equal monthly instalments at 6 percent interest rate computed in advance. It is covered by a loan redemption insurance which deems the loan fully paid in case of the borrowers demise provided that loan payment is up to date.To qualify active members must be working or residing in Iloilo have updated premium payments within the last six months prior to application have no unpaid loans for more than six months not be on leave of absence without pay have no pending administrative case or criminal charge and have a minimum net take-home pay of P5000 after monthly premium contributions and loan amortizations have been deducted.Members may apply through the GSIS Wireless Automated Processing System GWAPS kiosk or over the counter in any GSIS office. GWAPS kiosks are located in all GSIS branch and extension offices provincial capitols city halls selected municipal offices large government agencies such as the Department of Education Robinsons Malls and selected SM City branches in North EDSA Manila Pampanga Cebu SM Aura in Taguig SM Southmall in Las Pias and Mall of Asia in Pasay City.Old-age and disability pensioners living in the area may apply for emergency loan if the resulting net monthly pension after loan availment is at least 25 of their basic monthly pension. They have to apply for the loan over the counter.The deadline for application is March 5 2020.Loan proceeds are electronically credited to the borrowers GSIS electronic card eCard or unified multipurpose identification UMID card.Loan renewal before the full payment of a previous emergency loan shall be allowed only if the current emergency loan account is up to date. The outstanding emergency loan balance of the previous loan including the penalties if any shall be deducted from the proceeds of the new loan.
