Here's a treat for all GSIS members with existing loans from private lenders

Attention GSIS members! Here's a good news for you! Transfer your loan balance with private lenders to GSIS via GFAL GFAL Reminder: ...

Attention GSIS members! Here's a good news for you!
Transfer your loan balance with private lenders to GSIS via GFAL

GFAL Reminder: Deadline for filing GFAL applications is December 27, 2019. Apply now to prevent the hassles caused by last-minute filing. For info, visit nearest GSIS office.

The GFAL or GSIS Financial Assistance Loan is a Government Service Insurance System (GSIS) program whereby the GSIS will pay the outstanding loan balance of the Department of Education (DepEd) employees to any of the 213 private lending institutions accredited by the DepEd. The loan is restructured and the GSIS member will pay it for lower interest and amortization and longer terms.

GFAL offers Maximum loan amount of Php 500. If your loan balance is below Php 500, the remaining amount may be applied for as a top-up loan.

LOOK: Salary increase in new Salary Standardization Law (SSL V)

The interest rate of GFAL is 6% per annum. Computation is based on diminishing balance. The borrower will pay the GSIS for a period of six years or 72 equal monthly installments. GFAL has no service fee.

The loanable amount will be computed based on the final statement of account (SOA) included in the submitted GFAL application documents. The member can not apply the amount greater than the total obligation on the SOA. If a member of the loan has two or more private lenders, they will be consolidated based on the SOAs being passed.

If the total outstanding loan balance of the member is greater than P500,000.00, choose what he / she wants to pay under the GFAL.

The GFAL loan proceeds will be paid by the GSIS to the DepEd accredited lending institutions, and the check will be released only to the authorized representative of the private lender. For this reason, the SOA must contain the name and contact number of the authorized lender of the private lender.

GFAL reminder: Deadline for filing GFAL applications is December 27, 2019. Apply now to prevent the hassles caused by last-minute filing. For info, visit nearest GSIS office.

SOURCE: GSIS WEBSITE

source https://www.depedtambayanph.net/2019/07/heres-treat-for-all-gsis-members-with.html