The Government Service Insurance System (GSIS) has announced that its members and pensioners affected by the eruption of Mayon Volcano in Albay can now apply for the GSIS emergency loan.
The loan application period will be open until July 18.
“After Sanggunian Panlalawigan of Albay declared the entire province as a calamity area, we immediately opened the loan and set aside a P1 billion budget to assist 39,000 GSIS members and pensioners in Albay who need our assistance,” GSIS president and general manager Wick Veloso said.
According to Veloso, members with an existing emergency loan balance will have the option to borrow up to P40,000 to repay their previous loan and still receive a maximum net amount of P20,000.
Members and pensioners without an existing emergency loan can apply for a P20,000 loan.
The loan comes with an interest rate of six percent and a three-year payment term. It also includes a redemption insurance feature, where the remaining balance will be considered fully paid in the event of the borrower’s death, provided that payments are up to date.
Eligible applicants for the loan are active GSIS members residing or working in the calamity area who are not on leave without pay, have no pending administrative or criminal cases, and have a net take-home pay of at least P5,000 after deducting all mandatory monthly obligations.
Old-age and disability pensioners residing in the province may also avail of the loan if their resulting net monthly pension, after loan availment, amounts to at least 25 percent of their basic monthly pension.