GSIS opens study-now, pay-later program 

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THE Government Service Insurance System (GSIS) has opened a P20-billion study-now, pay-later program and a computer loan program for its members.

GSIS Chairman Rolando Ledesma Macasaet

GSIS President and General Manager Rolando Ledesma Macasaet said the loan program would be for the college education of GSIS members’ kin.

“We will allow GSIS members who have at least 15 years of government service to avail of an educational loan for their kins in college. The loan has a term of ten years but we will not require them to pay anything in the first five years. So they don’t have to worry about the tuition of their children for the first five years,” he explained.

A member can borrow a maximum of P100,000 per academic year. The interest rate is only 8 percent. A GSIS member may nominate up to two beneficiaries, who must be related to him or her up to the third degree of consanguinity or affinity, as well as enrolled
in a four- or five-year course in a private or public educational institution.

The loan proceeds will be directly paid to the school under the student’s account every semester or trimester until the beneficiaries finish their courses.

To qualify, members must not be on leave of absence with-out pay, have no pending ad-ministrative or criminal case, and have no past due GSIS loans, including housing loans
They must also meet the required net take-home pay of P5,000 after deduction of their monthly premium contributions and loan amortizations, and their agencies must not be on suspended status.

“The loan has an insurance cover to protect the interest of the borrowers and their student-beneficiaries. Thus it will be deemed fully paid in case the member or the student dies or becomes permanently and totally disabled,” Macasaet said.

Meanwhile, the Computer Loan Program seeks to assist members and their families in purchasing a computer unit for their online work or virtual classes of their children.
Qualified members may borrow P30,000 to buy a desktop or laptop computer.

GSIS said members who have purchased a computer before the program was launched may also apply for the loan provided that they declare to the GSIS coordinator in their office, called Agency Authorized Officer (AAO), the type of computer they purchased.

“We know that a lot of GSIS members and their children are in need of computers. They can also use this [loan] for their Wi-Fi expenses. For example, they buy a computer worth P25,000, the remaining P5,000 can be used to buy load or pay for their Wi-Fi,” Macasaet said.

The loan will be paid in three years with an interest rate of six percent per annum.

Qualified to apply for the computer loan are active members who have paid at least three months of premiums, have permanent appointment, are not on leave of absence without pay, have no pending administrative or criminal case and have no past due GSIS loan except housing loan.

GSIS said interested parties may visit the GSIS website, www.gsis.gov.ph, or official Facebook page, @gsis.ph; They may also reach the agency through email, gsiscares@gsis.gov.ph, or phone call — 8847-4747 (if in Metro Manila), 1-800-8-847-4747 (for Globe and TM subscribers) or 1-800-10-847-4747 (for Smart, Sun and Talk ‘N Text subscribers).

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