The GSIS Education Loan is a new “study now, pay later” program intended for children and/or relatives of active GSIS members who are currently pursuing a college degree.
QUALIFIED BORROWERS:
Active member who are:
> At least 15 years length of service
> Has paid the latest three (3) monthly premium contributions for both Personal Share and Government Share at the time of application;
> Is not on leave of absence without pay at the time of application;
> Has no pending administrative and/or criminal case at the time of application;
> Has no past due GSIS loan/s, including housing loan;
> Agency status is not “suspended”; and
> Has met the net take home pay (NTHP) requirement required under the General Appropriations Act.
LOANABLE AMOUNT:
The maximum loanable amount is ₱100, 000.00 for each School Year or a maximum of ₱500, 000.00 for a five-year college degree.
QUALIFIED STUDENT – BENEFICIARIES
Qualified borrowers may nominate up to two (2) student-beneficiaries.
> Must be a Filipino citizen and resident of the Philippines;
> Must be related to the borrower up to the 3rd degree of consanguinity or affinity
> Must be enrolled in an undergraduate course with maximum study period of five (5) years; and
> Must agree to act as Co-Maker on the loan upon reaching the legal age and in doing so, binds him/herself to the terms and conditions of the loan.
PAYMENT TERMS:
The loan term is 10 years, with a maximum grace period of five (5) years. This means loan repayment period shall only begin on the sixth (6th) year of the loan. The interest rate is 8% per annum.
REQUIREMENTS FOR APPLICATION
A. Application Form (Annex A) properly filled out by borrower and co-maker (if applicable) and duly endorse by the Authorized Agency Office (AAO).
B. Photocopy of the latest Tuition Assessment Form (Original to be presented).
C. Photocopy of School ID (front and back) with 3 signatures of the student affixed on the same page. In case the school ID is not available, any valid IDs showing the date of birth, picture and signature of the student.
The same requirements shall apply in case there’s a 2nd student beneficiary, which shall be considered as a separated loan application of the borrower under this program.
STEP BY STEP PROCEDURE ON HOW TO APPLY
a. Via eGSISMO
1. Login to your eGSISMO account (BP number and PW)
2. Click Loans Application icon and choose (GFAL-EL), Loan Type (New or Renewal).
3. Upload a Picture of Member holding UMID / Temporary CARD or 2 Valid Government IDs if UMID / Temporary CARD is lost (as JPEG or PDF File); Photocopy of the latest tuition assessment form ; and photocopy of school ID (front and back) with 3 signatures of the student-beneficiary on the same page
4. Confirm Loan Agreement and click SAVE
5. Await email confirmation from GSIS for tentative loan computation and loan counselling session via video conference
6. Submit original copy of documents previously submitted through eGSISMO.
b. Via Email
1. Fill out the Educational Loan Application Form and GSIS UMID Card
2. Save the Application Form as JPEG or PDF File and scan the UMID Card
3. Email the following documents to your GSIS handling branch (link list here)
> Accomplished/ endorsed application form for GFAL-Educational Loan
> Photocopy of the latest tuition assessment form
> Photocopy of school ID (front and back) with 3 signatures of the student-beneficiary on the same page
4. Await for email confirmation from GSIS for tentative loan computation and loan counselling session via video conference
5. Submit original copy of documents previously submitted through email.
c. Via Dropbox
1. Fill out the Educational Loan Application Form and GSIS UMID Card
2. Print the Application Form, photocopy your UMID Card, original copy of the latest tuition assessment form, and photocopy of school ID (front and back) with 3 signature of student-beneficiary on the same page
3. Secure the documents in a brown envelope and properly label it with the following information:
NAME
TYPE OF LOAN
GSIS HANDLING BRANCH
4. Drop off the envelope in the GSIS Handling Branch’s DROP BOX
5. Await email confirmation from GSIS for tentative loan computation and loan counselling session via video conference.
Source: GSIS
Good news from GSIS on Educational Loan
Reviewed by Teachers Click
on
June 30, 2022
Rating:
Reviewed by Teachers Click
on
June 30, 2022
Rating:
No comments: