GSIS loans doubled for La Union Egay victims

COMMUNITY BILLBOARD

SAN FERNANDO CITY, La Union -- Members of the Government Service Insurance System (GSIS) who were hit by storm Egay may now avail of emergency loans with a maximum credit limit of P40,000.

Manager Quintin S. Bañez of GSIS-La Union said his office facilitates applications for emergency loans from members working or residing in La Union as the province was declared under a state of calamity on July 16 due to typhoon Egay.

“GSIS has doubled the amount of the maximum credit limit for members who have existing emergency loan in order for them to take home a bigger net loan amount,” Bañez said.

First-time borrowers or members with no existing emergency loan can borrow up to P20,000. Granting of loan is from July 13 to August 11.

The loan is payable in three years or 36 equal monthly installments at an interest rate of six percent per annum. The first amortization for the loan is deducted from the borrower’s salary three months after the loan is granted.

“In La Union, therefore, member-applicants will start paying their loan in October. This will give them time to recover from the disaster,” said Bañez.

Interested members may apply through the GSIS Wireless Automated Processing System (GWAPS) kiosks in the GSIS office or at the provincial capitol here.

Once GSIS approves the loan application, the net proceeds will be electronically credited to the borrower’s GSIS Unified Multi-Purpose ID (UMID)card.