The nationwide implementation of the GSIS Financial Assistance Loan II (GFAL II) was approved by the GSIS Board of Trustees under Board Resolution No. 26 July 2019.
The amendments to the GFAL II include the following:
a.) Active members who are elected, appointed, or on non-permanent status and with minimum Periods with Paid Premium (PPP) of 15 years will now be eligible to avail GFAL II;
b.) For purposes of eligibility to avail of GFAL II, non-permanent members shall be referred to as those whose employment in the service are either coterminous, temporary, confidential, contractual, casual, emergency, lump sum, probationary, provisional, or substitute but are required by law to remit regular monthly contributions;
c.) Members whose employment category is Elected or Appointed shall be qualified to avail of GFAL II on the condition that their payment shall be for a period of two (2) years or twenty-four (24) equal monthly installments from the date of granting.
d.) The Effective Interest Rate (EIR) for Appointed or Elected active members will be 11.712% for two (2) years.
e.) The monthly rate of Redemption Insurance (RI) for members whose employment category is Appointed or Elected will be 0.30 per Php1,000.00 loan amount, and
f.) Lending institutions that are duly recognized and certified by respective agencies and whose amortization scheme is not automatic payroll deduction will now be covered by GFAL II.
The deadline for availment of GFAL II shall be on December 31, 2020, unless otherwise extended by the4 GSIS.
For more details, visit the GSIS official website (www.gsis.com.ph)
ROLANDO L. MACASAET
President and General manager
GOOD NEWS on the GSIS Financial Assistance Loan II (GFAL II)
Reviewed by Teachers Click
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December 18, 2020
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Reviewed by Teachers Click
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December 18, 2020
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Salamat po
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