The Government Service Insurance System (GSIS) has launched a new loan program to help its members quickly bridge or cover unexpected expenses and temporary budget gaps.
In a statement, the GSIS said the Multi-Purpose Loan (MPL) Lite program offers accessible financing that ranges from P5,000 to P50,000 and in multiples of five, with flexible repayment terms of six, 12, 18 or 24 months.
It has interest rates of six or seven percent, based on years of service.
It includes a one-time loan redemption insurance fully deducted upfront without fees for early repayment and without service fee for those who have active MPL Flex.
MPL Lite is available in the GSIS Touch mobile app, which simplifies the application process.
Once approved, funds are credited within three days.
“As we reaffirm our commitment to deliver meaningful and significant products and services to our members, the GSIS has developed this program to provide accessible and affordable financial solutions that aim to honor their contributions,” GSIS president and general manager Wick Veloso said.
“With e-crediting, hassle-free way to access funds and streamlined application process, government workers have a safe and reliable financial option at their fingertips,” he added.
