Question & AnswerQ&A (GSIS Resolution NO. 256)
The Emergency Loan Assistance (ELA) is a one-time special loan package approved for all active GSIS members to provide financial aid, particularly for paying tuition fees for the second semester.
All active members of the Government Service Insurance System (GSIS) are eligible to avail the Emergency Loan Assistance (ELA).
The loanable amount under the Emergency Loan Assistance (ELA) is Ten Thousand Pesos (P10,000.00).
The loan is payable over two years or twenty-four equal monthly installments with an interest rate of ten percent (10%) per annum computed in advance.
Yes, there is a one percent (1%) service fee and a 1.2% loan redemption insurance fee based on the gross loan amount.
A surcharge or penalty of two percent (2%) per month will be imposed on unpaid amortizations.
Yes, the Emergency Loan Assistance loan can be preterminated without any penalties.
No, processing of the ELA is not subject to the CLIP/cross default policy.
No, the ELA loan shall be over and above any existing loans the member may have with GSIS.
An amount of Twelve Billion Pesos (P12 Billion) was appropriated to support the Emergency Loan Assistance program.