Government Service Insurance System (GSIS) old-age and disability pensioners may now apply for a pension loan using their eCard Plus on the GSIS Wireless Automated Processing System (GW@PS) kiosks installed in all GSIS office and select government offices nationwide.

The pension loan may also be applied by old-age and disability pensioners over-the-counter in their servicing GSIS office.

Under the GSIS Pension Loan Program, pensioners may borrow up to six times the amount of their monthly pension, but not exceeding P100,000 at eight percent annual interest rate.

The monthly amortization on the loan can be paid in 12 months or 24 months through automatic deduction form the regular monthly pension. Pension loans may be renewed after full payment.

To apply of a pension loan, pensioners may access any GW@PS kiosk with the use of their eCard Plus. To use the GW@PS, the pensioner must place the eCard Plus on the card reader of the kiosk and select “pension loans” form the list of available loan programs under the loan menu. A tentative computations of the loan proceeds, together with the monthly amortization, will be displayed on the kiosk’s touch screen.

After agreeing to the loan computations, the pensioner must confirm the transactions by validating any of his pre-registered fingerprints. Qualified pensioners may also apply for the pension loan by accomplishing the required application form and filing it in their servicing GSIS office

Tags: apply for a pension loan, automatic deduction, monthly pension, old-age and disability pension, pension loan, pension loan program