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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.
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Recently, a memorandum of agreement between the Department of Education (Dep Ed) and Government Service Insurance System (GSIS) to help fund teachers’ loan from private lenders, was signed under the presence of President Rodrigo Duterte The agreement will facilitate the payment of the loans of teachers and other personnel of Dep Ed from private lenders, through a loan facility from GSIS.
The borrowers will pay back the loan to GSIS at easy and affordable terms.
Debt consolidation is when you loan big to pay off other smaller loans.
This essentially means that a member will be able to pay for multiple loans through GSIS.“It is unfortunate that because of the current financial crisis in the country, government employees have no choice but to resort to availing loans from various private lending companies with high interests and financial charges just to make ends meet,” San Juan City Mayor Francis Zamora said.
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GSIS CONSO-LOAN – Here is a guide on the benefits of the Government Service Insurance System’s Enhanced Conso-Loan and how to apply for it.