GSIS Financial Assistance Loan (GFAL) Program allows qualified borrowers to borrow up to Php500,000 as long as their take-home salary after monthly commitments is Php5,000 or more. If they owe money to multiple private lenders, they can combine their debts and send the sum to GSIS. The commercial lending institutions will receive the loan proceeds directly from GSIS.
See Also: GSIS Multipurpose Loan (MPL) Plus: How to avail?
Applications for the GSIS Financial Assistance Loan (GFAL) program for employees of the Department of Education (DepEd) will begin to be accepted on May 15, 2018, according to the Government Service Insurance System (GSIS). In accordance with the scheme, GSIS will grant DepEd borrowers a maximum of PhP500,000 to settle the remaining balance of their loan from qualified private lending institutions.
Qualifications for GSIS Financial Assistance Loan (GFAL)
The following qualifications are required for all applicants in GSIS Financial Assistance Loan (GFAL):
- active regular GSIS member in good standing who has made three consecutive premium payments.
- not on an unpaid leave.
- has an unpaid loan from a lender recognized by DepEd.
- and has no open loan account with the GSIS that is due and demandable.
- Except for those who were sued by an accredited lending institution for failure to repay a loan due to the D.O.’s prioritizing of GSIS and HDMF loan payments, the borrower should also not be the subject of any ongoing administrative proceedings or criminal charges. DepEd Order No. 38, s. 2017.
Steps on How to Apply
Learn how to ease your financial burden with GSIS Financial Assistance Loan (GFAL). Enjoy low-interest rates and flexible terms. Here are the simple steps on how to apply for GFAL:
Step 1. Prepare your Application Requirements
Accomplish correctly and completely the application form and SOA. GFAL Application Form that may be downloaded from the GSIS website (Download Here from GSIS or click here). Complete all documentary requirements before starting your application.
Step 2. Send your Application thru Email
Email the Application Form and requirements to your GSIS Handling Branch (click here) with the following information:
- Subject format
GSIS_TYPE OF LOAN (I, II OR TOP UP)_BP NO_LAST NAME_FIRST NAME_AGENCY - NAME
Example: GSIS_GFAL II_2000123456_DELA CRUZ_JUAN_CGO_CDO - File Type and Size: JPEG of PDF files not exceeding 2MB each. Multiple emails may be sent if file exceeds 2MB.
- Email Address: Email to your GSIS handling office (see list of email ads at www.gsis.gov.ph).
- NOTE: For NCR, Quezon City, Cavite and Rizal members, please email your GFAL application documents to gfal_ncrgroup@gsis.gov.ph
Step 3. Wait for Confirmation
Wait for email confirmation/SMS/call from GSIS after loan evaluation for counselling session (to be scheduled by GSIS)
Step 4. Submit Loan Documents
Sign all loan documents. The form will be given after evaluation and counselling. Submit the original copy of signed tentative and voucher to GSIS. Only complete submissions will be accepted and processed by the GSIS.
Repayment Details of the Loan
- The GFAL’s annual interest rate is 6%, determined in advance and payable in monthly payments over a six-year period.
- The borrower’s paycheck will be deducted automatically for payments.
- There is no processing cost for the loan.
- The members’ decision to take out the loan is voluntary and not required.