Several members and pensioners across the country can access the COVID-19 Emergency Loan program now that the Government Service Insurance System (GSIS) has opened it up online. Everyone is eligible for this loan scheme. The loan is therefore open to people living in areas that are not declared a state of calamities.
The loan is in the form of an insurance policy, which means that in the event of a borrower’s death, the loan will be considered fully paid, so it is important to note that.
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What is GSIS?
GSIS is a social insurance institution creating defined benefit plans under Commonwealth Act 186 and Republic Act 8291 (GSIS Act of 1997). In exchange for their monthly premium payments, it protects members against certain contingencies.
In addition to life insurance benefits, GSIS members can receive separation or retirement benefits and disability benefits.
As a result of RA 656 (Property Insurance Law), the GSIS is also responsible for administering the General Insurance Fund. Assuring assets and properties with insurable government interests is one of the functions of this insurance.
As a government employee, you are covered by the GSIS except for: There are members of the Constitutional Commission and the Judiciary who are protected by separate retirement laws;
Employees who are contract employees and do not have any employee-employer relationship with their employers; Armed Forces of the Philippines, the Philippine National Police, the Bureau of Jail Management and Penology, and the Bureau of Fire Protection are uniformed members of the Armed Forces of the Philippines.
In terms of the COVID-19 Emergency Loan, how much is the maximum loanable amount?
It should be noted that the fixed loanable amount is ₱20,000. There will be a minimum interest rate of 6% per annum on the repayment of this mortgage for three (3) years or 36 equal monthly installments.Â
Is It Possible to Apply for an Emergency Loan Under the COVID-19 Program?
The loan is available to members in a good place at the time of application. There are, however, some people who are not allowed to participate in this program due to the following criteria:
1. In the case of members on ‘leave without pay.’
2. If you were a member who had a problem paying your premiums on time,
3. The number of outstanding loans of more than six months will be added to the list of those membersÂ
To determine eligibility for a student loan, it will also be considered the student’s net take-home pay (NTHP) as a factor. If it exceeds or equals ₱5,000 after deduction of monthly contributions and loan amortization, the amount should be considered an investment.
In addition to pensioners aged 65 or over, pensioners with disabilities can also apply for a loan. This is provided their net monthly pension does not fall below 25% of their basic monthly allowance after loan installment deductions are made.
What are the requirements for applying for a COVID-19 Emergency Loan?
1. Forms must be completed in full and signed by the applicant
Emergency Loan Application (Active Members)
Emergency Loan Application Form (Pensioner)
The application form should be printed out, filled in with the details, and scanned to submit online.
2. The borrower must submit a scanned image or copy of their electronic card (eCard) or their unified multipurpose identification card (UMID). The borrower may provide two valid photo IDs if one is not available.
3. Take a picture of the borrower holding the application form that the borrower has completed
How to send a COVID-19 emergency loan application?
To submit your application, you will need to send it along with the requirements to the specific email address that is associated with your work address or your place of residence as follows:
- GSIS Cares office and contact address in Manila (including Quezon City & Cavite) – [email protected]
- GSIS North Luzon – [email protected]
- GSIS South Luzon – [email protected]
- GSIS Visayas – [email protected]
- GSIS Mindanao – [email protected]
How do I receive the funds from the COVID-19 Emergency Loan?
There will be an electronic crediting of the loan proceeds to the borrower’s eCard or UMID card as soon as the loan is approved.
If you plan to apply through a physical application, several GSIS branches and extension offices have been equipped with wireless automated processing systems (GWAPS) where members and pensioners with UMID cards can apply for monthly payments.
These booths can also be found in large government agencies such as the Department of Education, select municipal offices, and Robinson and SM malls.
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