GSIS Members get P10,000 loan from improved Cash Advance Program
The GSIS Cash Advance Program has been given a nice facelift, with members now having a chance to avail of as much as 10,000 under this enhanced loan window.
Under the new and improved P10,000 Cash Advance Program, members need to have the eCard Plus and apply for this loan using the GSIS Wireless Automated Processing System (GW@PS). The GW@PS kiosks are installed in all GSIS servicing offices nationwide.
The new Cash Advance essentially doubled the amount of loan available in the old P5,000-Cash Advance Program offered to GSIS members in 2004 as part of the initial e-service through the old eCard.
If a member had previously applied for the old cash advance and then applies for the new program, the balance of the previous cash advance will be deducted from the proceeds of the new P10,000 cash advance. The penalties of the previous loan will be waived under the new program, which will also feature an applicable pre-termination discount.
All active members with eCard Plus and with no pending administrative cases are eligible to apply for the new cash advance, provided that they have paid and remitted three correct premium contributions for both personal and government shares within the last six months prior to the filing of the application.
The member must also not be on leave of absence without pay upon application and his net take home pay should be sufficient to cover the regular monthly amortization. The P10,000 cash advance is payable in three years with an interest rate of 12 percent per annum based on diminishing balance.
Members from suspended agencies are excluded from the coverage of the P10,000 Cash Advance Program.
Source: GSIS Kawani, Vol. 1 No. 1, January - April 2007