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 The Government Service Insurance System (GSIS) will open its Multi-Purpose Loan (MPL) Plus program on April 23 that offers a credit limit of PHP5-million.

The payment terms has also extended the maximum payment to 10 years and relaxed the borrowers' eligibility requirements.

By this new program MPL Plus, GSIS raised the credit limit from PHP3-million to PHP5-million. The actual amount will depend on the borrowers' paid premiums and monthly salary.

A uniform 7-percent interest rate computed in advance will be applied to all borrowers. In the previous MPL, members with less than three years of paid premiums were charged 8 percent interest, while those with at least three years of premiums were charged 7 percent.

Moreover, GSIS relaxed the eligibility conditions of prospective applicants.

Previously, members with arrearages in their GSIS Financial Assistance Loan (GFAL) and housing loan are not qualified to avail of the MPL. Now, under MPL Plus, they will be allowed to apply, but their arrearages under GFAL will be deducted from the proceeds of their loan.

Qualifications for applying for MPL Plus are regular and special GSIS members who have paid at least three months of premiums; are not on leave of absence without pay at the time of application; and have no pending administrative or criminal case.

In addition, they should not belong to an agency which has been tagged as suspended, and their net take-home pay should not go lower than the amount required under the General Appropriations Act after all monthly obligations have been deducted.

Qualified for a 10-year loan term are: permanent employees who have at least 10 years of premium payments; members with existing Home Emergency Loan Program (HELP) account; and special members under agencies with memoranda of agreement on MPL with GSIS.

Non-permanent government personnel who have at least 15 years of premium contributions, on the other hand, may pay for the loan in nine years. Previously, their maximum loan term was only five years.

Members may apply for the loan via the GSIS Touch mobile app; GSIS Wireless Automated Processing System (GWAPS) kiosks strategically located nationwide; e-mail; electronic GSIS Member Online (eGSISMO); or drop boxes located in all GSIS offices.

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