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Official Publication of the Philippine Information Agency Bicol Regional Office, in cooperation with the RIAC-REDIRAS - RDC Bicol



Sunday, August 10, 2014

GSIS offers emergency loan to pensioners in typhoon-stricken areas

By: Bennie A. Recebido

SORSOGON CITY, Aug 10, 2014 (PIA) – Government Service Insurance System (GSIS) sees to it that no one from among its members is left behind especially in enjoying benefits that the corporation offers.

According to GSIS Sorsogon Branch Manager Leon Ma. Fajardo, the GSIS offers emergency loan not only to regular active members but to pensioners, too.

He said the GSIS started to extend emergency loan for pensioners in typhoon Yolanda stricken areas, and now in areas placed under the state of cCalamity due to typhoon Glenda.

 “We have started accepting loan application for pensioner’s emergency loan since August 5, 2014 and will last until September 4, 2014,” Fajardo said.

Pensioners need to have their eCard photocopied and fill-up the pensioner’s emergency loan over-the counter application form.

“We would not allow representatives of the borrower to transact on their behalf. Pensioner-borrower is required to appear personally but in the event he cannot, GSIS personnel will go to where the pensioner is to facilitate the availment of the loan,” said Fajardo.

Pensioners can avail of a P20,000 loan payable in 36 equal monthly installments which shall be deducted from the monthly pension until full payment. Proceeds of the loan will be credited to the eCard account of the pensioner-borrower.

An interest rate of six percent per annum will be charged. Monthly amortization is P655.56 which shall commence three months after crediting of the loan proceeds such that the first monthly amortization shall be due on or before the 10th day of the 3rd month and every month thereafter until the loan is paid.

Unlike loans for regular members, all pensioner emergency loan borrowers shall be covered with a Loan Redemption Insurance (RI) which will depend on the age of the pensioner-borrower at the time of availment.

Fajardo made clear that emergency loan of pensioners can only be availed over-the-counter and in accordance with prescribed policies and guidelines.

“Once the emergency loan is approved and the loan proceeds have been credited in the eCard, the borrower can no longer cancel the loan. However, borrower may opt to pre-terminate it by paying the full amount of the outstanding balance including accrued interests,” he further explained.

Interested pensioners can visit their nearest GSIS office for further clarifications and inquiries. (AAN/BARecebido, PIA-5/Sorsogon)
- See more at: http://news.pia.gov.ph/index.php?article=801407641308#sthash.vd9hbkM2.dpuf

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