The Government Service Insurance System (GSIS) officially extended a loan program yesterday to include not just the Department of Education personnel but other government employees as well.
In yesterday’s Kapehan sa Dabaw at SM City, GSIS Davao branch manager Deity Manampan announced that government employees may avail of the GSIS Financial Assistance Loan (GFAL) II.
The previous GFAL was previously launched last year to help the Department of Education personnel with their loan problems with private lending institutions.
“The intention of GFAL is to assist our members to settle their loans with private institutions. But the difference for GFAL II, we will also assist our members with their loans from the government banks and the like,” Manampan explained.
The maximum loanable amount is P500,000 payable in 6 years at an interest rate of 6% per annum.
The qualifications, according to Manampan, is that members should have existing loans from other lenders.
“We will settle it for them because we offer a lower monthly amortization, so our government employees will have increased net take home pay,” he said.
Other qualifications stated that applicants must be an active reqular member of the GSIS with permanent status and paid premiums for the last three years; has no pending administrative case and/or criminal charge; is not on leave without pay; has an outstanding loan from accredited lending institution (Originally accredited PLUS locally accredited PLIs); and, has no due and demandable loan account/s with the GSIS.
According to the agency, as of July 25, 67,955 GSIS members from DepEd benefitted from GFAL with gross loans of which amounted to P24.111 billion.
Meanwhile for GSIS Davao, they already granted P1.003 billion to 2,566 DepEd members.