GSIS Consolidated Loan replaces Salary Loan
Members of the GSIS can now avail of a loan equivalent to up to 10 months of their basic salary, under a new loan product called the Consolidated Salary Loan or Conso-Loan Program.
The Consolidated Loan merges five different loan products - salary loan, enhanced salary loan, policy loan, summer-one-month salary loan, and emergency loan assistance - into one, thereby allowing members to easily manage these loans.
For members who have been in government service for at least 10 years, they can avail of a Conso-Loan equivalent to 10 months of their monthly salary. The minimum creditable years in service a member has to have to qualify is 20 months, with the Conso-Loan proceeds equivalent to three months of his monthly salary.
Another feature of this loan facility is the repayment period which was stretched to six years and the condonation of outstanding penalties and surcharges of previous loans.
Tis is a big help to GSIS members since many of them incur arrearages in their previous loans and face difficulties in updating their loan accounts.
To qualify for the Conso-Loan, the applicant should be an active GSIS member for at least 20 months; the agency has paid at least three correct premium payments in the last six months; the agency also should not be on the suspended list of the GSIS due to arrearages; the member has no administrative charge and his take home pay should be sufficient to pay the loan.
Government agencies must also adopt the new electronic certification system in order for their employees to apply for the Conso-Loan. Government agencies must designate an authorized officer, whom it would send to the GSIS for a free training on electronic certification.
Those with the new GSIS eCard Plus can apply for the Conso-Loan via the GSIS Wireless Automated Processing System, or GW@PS kiosks. Those using the old eCard can apply for the loan, over-the-counter, in their servicing GSIS offices.
Source: GSIS Kawani, Vol. 1 No. 1, January - April 2007