THE GOVERNMENT Service Insurance System (GSIS) is now offering a loan program for public school teachers with interest rates that can be paid over 15 years from the previous 10-year limit, which it said would translate to lower monthly payments for teachers.
“The program is so flexible that borrowers can customize their loan terms based on their unique needs and financial situation,” GSIS President and General Manager Jose Arnulfo A. Veloso said in a statement at the weekend.
The Multi-Purpose Loan Flex program, with interest rates starting from 6%, would help teachers build enough financial capital to start their own businesses.
He said the measure was in line with the Department of Education’s (DepEd) plan to “bolster the financial resilience of public school teachers.”
Those eligible for the loan program should be active teachers who are not on unpaid leave when they apply and should have made at least one premium payment six months before they apply, the GSIS said.
Prior loan programs required applicants to have made premium contributions spanning three months, it added.
The GSIS said first-time beneficiaries are eligible to have additional charges waived when applying for a loan. — John Victor D. Ordoñez
