State pension fund Government Service Insurance System (GSIS) today announced that its loan transfer and consolidation program, otherwise known as the GSIS Financial Assistance Loan or GFAL program, is again extended by another year.
According to the GSIS, interested members may apply until December 31, 2021 to enjoy the benefits of GFAL’s flexible credit facility.
GFAL has recently been expanded to include active members whose employment status are appointed, elected, or non-permanent and whose periods with paid premiums (PPP) are at least 15 years.
Likewise, the GSIS has reduced the previous three-month payslip requirement to only one month from the date of application.
Under GFAL, GSIS members may transfer their loan of up to P500,000, to the pension fund from lending institutions, such as government banks and cooperatives, that are duly accredited by their agencies.
The loan, which has a lower interest rate of six percent per annum and longer repayment period of six years, will be directly paid to the lending institutions. (Jimmyley E. Guzman/PIA-NCR)