TARLAC CITY — Government Service Insurance System (GSIS) urges state workers in Tarlac to avail of their newly-launched GSIS Financial Assistance Loan (GFAL) program.
In a Stakeholders’ Dialogue, GSIS Chairperson, Acting President and General Manager Rolando Ledesma Macasaet said GFAL is a program which aims to settle members’ outstanding loan balance with other lending institutions at reduced interest rate of six percent per annum and longer payment term up to six years.
“We aim to pay the outstanding balance of our members in other lending institutions with only six percent interest rate,” he said.
“This program also aims to increase the take-home pay of the government employees especially the teachers, who some of them, pays 3 to 5% a month which accumulates 36 to 60% a year,” Macasaet added.
GFAL is open to all permanent government employees and active GSIS members who has outstanding loan with the lending institutions; has no due and demandable loan account with GSIS; has paid premiums of at least three years; is not on leave without pay; has net take-home pay of not lower than PhP5,000 after deduction of monthly obligations; and has no pending administrative or criminal case.
Documentary requirements to be submitted include a duly accomplished GFAL application form signed by the Agency Authorized Officer (AAO); Statement of Account following the format issued by GSIS with a clear photocopy of ID with contact number of the authorized representative and of the lending institution who will claim the check from GSIS; borrower loan agreement, loan voucher, or other certified documents that show the term, interest rate, monthly amortization, and due date of the first loan amortization; and borrower’s pay slips certified by AAO for the past three months from the start of application. –Gabriela Liana S. Barela