GSIS Emergency Loan Assistance Program

Ask AI

GSIS NO. 256: GSIS Emergency Loan Assistance Program

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: GSIS Emergency Loan Assistance Program

Law: Gsis No. 256

Decision Date: Oct 8, 2003

GSIS introduces a one-time Emergency Loan Assistance (ELA) program, offering active members a special loan of P10,000 payable over two years at a 10% interest rate, to address financial needs and support tuition payments.

loan assistance

A

Loanable Amount and Terms

Loan amount fixed at Ten Thousand Pesos (P10,000.00) per member.
Repayment period set at two (2) years or twenty-four (24) equal monthly installments.
Interest rate applied is ten percent (10%) per annum, computed in advance.

Fees and Insurance

Service fee of one percent (1%) calculated on the gross loan amount.
Loan redemption insurance premium set at 1.2%, also based on the gross loan amount.

Penalties for Non-Payment

Surcharge or penalty of two percent (2%) per month imposed on unpaid amortizations.

Special Provisions on Loan Pretermination

Borrowers allowed to preterminate or fully pay the loan earlier than scheduled without incurring penalties.

Processing and Loan Relationship

Loan processing exempt from the CLIP/cross default policy.
The Emergency Loan Assistance to be granted in addition to any existing loans the member may have.

Funding Appropriation

An allocation of Twelve Billion Pesos (P12 Billion) appropriated specifically for this loan program.
Funding to be charged against the proper GSIS funds.

Official Adoption

Resolution adopted on October 8, 2003, during Special Meeting No. 2.

END