GSIS enhances loan buyout program to ease members’ debt burden

The Government Service Insurance System (GSIS) has upgraded its Ginhawa Max Loan Buyout program to help members free themselves from high-interest loans and predatory lenders.

GSIS President and General Manager Arnulfo “Wick” Veloso said the enhanced program enables government workers to consolidate and buy out expensive loans with GSIS, offering lower rates and more flexible terms.

“The Ginhawa Max Loan Buyout empowers qualified government employees to settle debts with predatory lenders. Borrowers can now enjoy interest rates as low as six percent per year, with repayment terms of up to 10 years,” Veloso said.

Under the program, members may borrow up to ₱5 million or 19 times their monthly salary, whichever is lower, with no service fees.

Veloso said GSIS has also simplified requirements by replacing the need for a memorandum of agreement with just a letter of intent from agency heads or designated representatives.

“Ginhawa Max Loan Buyout provides a real path toward financial stability and away from the clutches of bloodsucking lenders. We want to help public servants break free from the bondage of indebtedness,” he added.

Qualified applicants must have at least one posted premium payment in the last six months, no existing MPL or defaulted GSIS financial assistance loans, no administrative or criminal cases, and must meet the net take-home pay requirement under the General Appropriations Act.

Applications may be scheduled through the GSIS Touch mobile app. Members must prepare their latest payslip and documents for the loans they intend to buy out.

For more details, members and pensioners may visit the GSIS website, follow its social media pages, or call the GSIS Contact Center at 8847-4747. TRACY CABRERA