State pension fund Government Service Insurance System (GSIS) enhanced its pension loan program by increasing the maximum loanable amount to six times the monthly pension, up to a maximum loan of P500,000, regardless of the pensioner’s age.
GSIS President and General Manager Rolando Ledesma Macasaet said Old age pensioners may now avail of the Enhanced Pension Loan.
Qualified are old-age pensioners who are receiving their pension for at least a month.
Not qualified to the program are those who have service loan being amortized under the Choice of Loan Amortization Schedule for Pensioners or GSIS Program for Restructuring and Repayment of Debts at the time of application; and those who have existing pension loan that have not yet been fully paid.
The applicant must also have at least 25 percent resulting net monthly pension after loan deduction.
The Enhanced Pension Loan is payable in 24 equal monthly installments through automatic pension deduction. The interest of the loan is 10 percent.