Pensioners of the Government Service Insurance System (GSIS) with disability and those beyond retirement age may now apply for a pension loan using their eCard Plus at all GSIS Wireless Automated Processing System (GW@PS) kiosks installed in all GSIS offices and select government offices nationwide.
According to GSIS, the state pension fund for government workers, the pension loan may also be applied by old-age and disability pensioners through the over-the-counter facilities of GSIS.
Under the GSIS Pension Loan Program, pensioners may borrow up to six times the amount of their monthly pension.
However, the amount should not exceed P100,000, at eight percent annual interest rate.
The monthly amortization on the loan can be paid in 12 months or 24 months through automatic deduction from the regular monthly pension. Pension loans may be renewed after full payment.
GSIS president and general manager Winston Garcia said the pension loan program is part of President Arroyo’s program to provide a loan window that is responsive to the needs of the pensioners.
“The program recognizes the senior citizens as productive individuals who can still pursue endeavors that will make them useful to the society, provided they are given the proper financial support,” he said.
To apply for a pension loan, pensioners may access any GW@PS kiosk with the use of their eCard Plus.
GSIS said that to use the GW@PS, the pensioner must place the eCard Plus on the card reader of the kiosk and select “pension loan” from the list of available loan programs under the loan menu. A tentative computation of the loan proceeds, together with the monthly amortization, will be displayed on the kiosk’s touch screen.
After agreeing to the loan computation, the pensioner must confirm the transaction by validating any of his pre-registered fingerprints.
Qualified pensioners may also apply for the pension loan by accomplishing the required application form and filing it in their servicing GSIS office.