GSIS executive vice president for corporate business sector lawyer Nora Malubay (Photo courtesy of GSIS)
MANILA – Government employees who will avail of the Government Service Insurance System’s (GSIS) study-now, pay-later loan program are given a five-year leeway in their payments.
In an interview during the public briefing program aired over state-owned PTV4, GSIS executive vice president for corporate business sector lawyer Nora Malubay said the 10-year loan program is intended to help GSIS members send up to two of their beneficiaries to college.
She said the state pension fund will cover up to PHP100,000 worth of tuition and miscellaneous expenses of the students per academic year, and collection of payments will only start on the sixth year of the loan.
The loan has an annual interest of 8 percent and payable in five years.
“What is good about this loan program is it has redemption insurance. If anything happens either to the member-borrower or the student-beneficiary, such as disability or death, the loan would be assumed paid,” Malubay said in Filipino.
GSIS members who are qualified for this loan are those who have been in service for 15 years, no leave of absence without pay, no pending administrative or criminal case, have updated service record, have a net take-home pay of at least PHP5,000, and their offices have an active line with the GSIS and are not suspended.
Interested members may apply for the loan online through e-GSISMO or the agency’s website, or submit the application forms to the drop boxes placed in the various GSIS offices nationwide. (PNA)