GSIS offers 30K Computer Loan

GSIS offers 30K Computer Loan

The GSIS Computer Loan is a one-time loan which aims to financially aid members to be able to meet their personal or family's need to purchase a computer for the aforementioned WFH arrangements as well as on-line or distance learning education formats.

The Computer Loan is proposed to be offered for a period of six (6) months.

QUALIFIED LOAN BORROWERS

Only active members with Permanent Appointments shall be qualified to avail of the GSIS COMPUTER LOAN, provided that the member:

1. Has at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application;

2. Has no pending administrative case and/or criminal charge;

3. Is not on leave without pay;

4. Has no past due GSIS loan/s, except housing loan;

5. Is employed in an Agency which is not classified as "suspended"; and 

6. Can comply with the minimum net take home pay of Php5,000.00, or amount as provided in the General Appropriations Act, after all required monthly obligations have been deducted.

NOW ALSO AVAILABLE: GSIS  Educational Loan up to 500K

ELECTRONIC CERTIFICATION

1. The AAO shall be required to certify the loan application through the "Secured On-Line Loan Certification Module" 

The certification shall indicate that: prior to the processing of the application.
1. The borrower is in active service in the agency;
2. Has no pending administrative case and/or criminal charge;
3. The information supplied by the borrower is true and correct based on the records of the agency;
4. The borrower is not on leave without pay;
5. The net take home pay (Php5,000.00) of the borrower is sufficient to cover the regular monthly amortization due on the loan amount applied for; and 

6. The monthly amortization shall be deducted from the borrower's monthly salary. 

7. In case of separation from the service of the borrower, clearance from first be obtained from the GSIS before any document and/or final payment of benefits shall be released in favor of the borrower.

Only applications certified by the AAO within seven (7) calendar days shall be processed.

WAYS TO APPLY
1. Over The Counter (OTC)
2. Online

LOAN AMOUNT:

Thirty Thousand Pesos Php30,000.


E-CREDITING OF LOAN PROCEEDS

The proceeds shall be directly credited to the UMID/eCARD account of the member. The member shall be informed of the loan crediting through email and/or text message.

LOAN REDEMPTION INSURANCE

A Loan Redemption Insurance (LRI) in the amount of Three Hundred Sixty Pesos (Php360.00) shall be deducted from the proceeds of the loan.

This means that if the borrower dies during the term of the loan, and the loan is not in default, the loan shall be deemed fully paid by virtue of the LRI coverage.

TERM
Loan repayment shall be for three (3) years in thirty sixty (36) equal monthly installments.

INTEREST RATE
1. The interest rate for the GSIS COMPUTER LOAN shall be six percent (6%) per annum computed in advance.

2. The monthly interest and outstanding balance of the loan shall be computed based on diminishing balance. A fraction of a month is considered one (1) month.

3. The effective rate per annum that shall be used will be 11.6631% for three (3) years.

PRE-TERMINATION

The GSIS COMPUTER LOAN may be pre-terminated by paying the outstanding balance of the loan before the end of the loan term.

READ: GSIS offers Educational Loan up to 500K

Source: GSIS Official Facebook Page