GSIS launches new loan program for members

The Government Service Insurance System (GSIS) launches the Multi-Purpose Loan (MPL) Lite program to help its members quickly bridge or cover unexpected expenses and temporary budget gaps, the GSIS said.

The MPL Lite, tailored specifically to support members, offers accessible financing that ranges from 5,000 to 50,000 (multiple of five) with flexible repayment terms of six, 12, 18 or  24 months.

It  has a  competitive interest rates of 6% or 7%, based on years of service. It includes a one-time loan redemption insurance fully deducted upfront without fees for early repayment and without service fee for those who have active  MPL Flex. MPL Lite is available in the GSIS Touch mobile app, which simplifies the application process.

“As we reaffirm our commitment to deliver meaningful and significant products and services to our members,  the GSIS has developed this program to provide accessible and affordable financial solutions that aim to honor their contributions. With e-crediting, hassle-free way to access funds and streamlined application process, government workers have a safe and reliable financial option at their fingertips,” GSIS President and General Manager Wick Veloso said.

Once approved, funds are credited within three days.