Among the many government agencies in the country that sees and looks to help citizens, the Government Service Insurance System or the GSIS is one of the many agencies that is loading up a few loan programs to help all government workers and employees. The 3 new GSIS loan programs will be offset and used to cover for the emergency loan applications as regards the COVID-19 pandemic.
Rolando Macasaet, the General Manager and President of the GSIS said and confirmed the ending of the emergency loan application back on the 12th of August. Moreover, he said that they were able to release a large fund for it; they said that since it started in the market, they dispersed P15 billion.
Computer Loan Program
The computer loan program or the CLP is the loan program that will allow public sector employees to borrow up to P30,000. This loan will be made payable up to three (3) years and will only have a six (6) percent interest rate annually; which is 0.5% per month.
In case you wonder what this loan is for, the agency said that this is a loan program that members can use to spend for study equipment. It can be used for the members’ children, nieces and nephews, and the like.
Apart from that, the agency also said that this loan is something that they will really make use of. Unlike the usual loan, this loan is payable for three (3) years and the money you’ll be using will be going somewhere.
10-Year Education Loan
Aside from the Computer Loan Program or the CLP, the GSIS is also offering a 10-year education loan program. This loan has a five (5) year grace period; which basically means that the payment will only start on the sixth (6th) year after the loan is approved.
However, this loan program is only offered to members who are already working for at least fifteen (15) years in the public sector. More so, also for members whose kids and children are around 16 to 18 years of age.
Kasi po, pinuprotektahan ko rin po iyong funds ng GSIS. Kasi po, kapag 15 years na kayo po, entitled na kayo to a pension eh.”
In Translation: This is because we are also protecting the funds of the GSIS. If you have been in the service of the government for 15 years, you will be entitled to get this loan program.
It is worth noting that this particular program is not yet available; however, it might be available within this month as the agency is expecting. Let’s wait for the announcement of its release.
GSIS Financial Assistance Loan (GFAL)
Last but most definitely not the least of the programs is the GSIS Financial Assistance Loan or the GFAL. This particular loan is the loan that would allow members to transfer their loans and have up to P500,000 from other institutions. It’s currently re-implemented because it has seen suspension back in march.
Similar to the Computer Loan Program, the GFAL also has an annual interest rate of six (6) percent. The thing is, not all members will be qualified to get it. As a matter of fact, members need to attend a financial literacy or education program or seminar first (now online) before they can get the GFAL.
In the event that you show interest with the GFAL, you can click on this link here. You can also scan and browse their website to know more about the various loan programs they’re offering.
The agency also said that as of the moment, they’ve dispersed about P100 billion for the GFAL program alone. Moreover, it have benefited more than 200,000 workers of the government. Protecting the funds, as per Macasaet, is something that people might think to be irrelevant. However, that is actually not the case.
Even if the GSIS’ funds is among the safest and the most proven in the world, it still needs to be carefully looked at and guarded. Being around for 30 years is a milestone for them and in order for it to successfully assist and help all of those who are in need such as the pensioners, the beneficiaries, and all other public sector workers, the funds are needed to be carefully looked at.
What do you think about the 3 new GSIS loans that they are to release to help their members? Do you think that these loan programs can really help soothe the effects of the pandemic? Can these 3 new GSIS loans provide the assistance that its members need?