GSIS FINANCIAL ASSISTANCE LOAN Il (GFAL I) LOAN APPLICATION GSIS _,,,. Form No. 06062019.GFAL Il LAF-REV 0 (Please read Documentary Requirements at the back) THIS APPLICATION SHALL NOT BE PROCESSED UNLESS COMPLETELY FILLED OUT. WARNING: Direct or indirect commission of fraud, colusion, falsification, misrepresentation of facts, or any olher kind of anomaly in the accomplishment of this form, oF in obtaining any benefit under this application, shall be eubject to administrative andl criminal action, | wish to apply for the GSIS Financial Assistance Loan II to pay my existing loan/s with the following lending institutionls (LIs) Pre Pre Pre Pre! Lending institution (LI) Business Address | Telephone No Interest Rate “Term (year dene ean se) | Monthly Amortization “Total Ouistanding Balance | | fbened on SOA) J. L J PERSONAL DATA (Please printype} ‘Name of Applicant Last Name I First Name ‘Middle Nama "Birthdate: Birth Place ‘BP No, Walling/Residential Address ‘Agency and Address | Telephone No. | Email Address ET UNDERTAKING In consideration of the loan’ granted under this Application, | promise to pay the approved Loan Amount to the GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS) in accordance with the Terms and Conditions printed at the back hereof which | have read and understood clearly. | bind myself to pay the required monthly amortization as they fall due under the Terms and Conditions through payroll deduction for which I hereby authorize the Treasurer or Disbursing/Collection Officer of my Agency to deduct the amount from my monthly salary. Pursuant to the objective of the Program, | agree to assign the proceeds of this loan to the LI to settle in full or in part the balance of my loan account with the said private lender. SIGNATURE OF MEMBERIBORROWER Position Tile/Designation Agency Date Signad TO BE FILLED UP BY THE AGENCY AUTHORIZED OFFICER ‘This Office certifies that: (1) the above signature of the memberiborrower js authentic; (2) there is no pending administrative and/or criminal charge against him, (3) the member/borrower is 2 permanent employee and regular premium-paying member of GSIS: (4) the member is not on leave of absence without pay; and (5) the member/borrower has an outstanding loan from (Name of Lending Institution/s) which is being repaid through salary deduction. For the Loan granted by virtue of this Application, this Office agrees to: (1) collect and remit immediately to GSIS the monthly installment due from said borrower, and (2) in case of his separation from the service, make final payments due him only after clearance is obtained from GSIS, “Agency Authorized Officar (AAO) Date (Signature over Printed Name) ‘THIS APPLICATION FORM IS NOT FOR SALE AND MAY BE REPRODUCED.10. " 1 13. ‘TERMS AND CONDITIONS LOAN AMOUNT a. The maximum loanable amount per borrower is PhpS00,000, provided thatthe resuttng net take home pay is et lower than the mount required under the General Appropriations Act (GAA, after all required monthly obigatons have been deducted b. The amount set by GIS as loan amount shall be considered fed and non-negotiable, ©. The sifearages on ather GSIS loans of a borrower shall not be deducted tom the proceeds ofthe financial assistance loan. INTEREST RATE, interest on loan shal beat st (6) peroant par annum computed in advance. The effective rate per annum tobe used chal be 1.288% for 6 years. The monthly Interest and outstanaing balance of ‘he loan shall be computed based’ on aiminshing balance. Prosata Inleest covering the days tom ian granting vp to the end of the moth poor tothe fist due month shall be degucted I advance fom the loan proceeds, TERM. Loan repayment shall be made over six (6) year in seventy-two (72) equal monthy instalments. DUE DATE OF FIRST MONTHLY AMORTIZATION. The remitanc dus date ofthe monthly amorizations shal be on or before the 10” day fof each month falling the due manth unt the loan uly paid 4. For loans granted on or before the 23" ofthe month, the fist due ‘month shall be the calendar month folowing the grating ofthe Ioan, The loan amnorizaion shall be remited by the agency "0 {SSIS on a beove the 10" ofthe month following svch due month, , For ioans granted afer the 23% of the month, the fest dve month shall be the 2” calendar month folowing the granting of the loan, and shal be remitted by the agency to GSIS on er before the 10" ‘ay ofthe meth flowing such due month PAYMENT MECHANISM. The monthly amerization shall be paid ‘trough payroll deduction. However, the bortover shal dec remit ‘he GSIS th loan instalment as they fall due under an ofthe flowing Instanoes: 2. His or her name is excluded from the monthly colton is ‘extended leave without pay The monthly amortzation is not deduced andlor remited by the agency for any reason ade rm tem (0): and 4. The oan amortization deducted from the payol Is pot suicient to ‘caver the fll amount due, [REDEMPTION INSURANCE (Rt). The financial assistance loan has Rl te safeguard the interests of Both the member and the GSIS in case of ‘he former's untimely death during the term af the loan. The RI ate 635, ‘alow! Tan Term ‘niiy a Rate (Per Phpt,000 of Loan Amount) Bea 038 To ensice that tha member is covered with Rl from the date of loan granting, an advance RI premium shall be deducted from the loan proceeds as flows: Equivalent to Lenn Equvslent to? months ‘Date of loan Granting ‘Die belore the 3rsof the month ‘Aer the 23°80 the month In case the loan is in default, the RI coverage shall be deemed lapsed or cancelled NO SERVICE FEE. The member avaiing of the GFAL shall not be charged a service fee bythe GSIS, [APPLICATION OF PAYMENTS. The ove of prot fr the application of payment shal be as flows: (a) Rl premium (b) Penalty (any), (¢) Interest ana (4) Principal PRE-TERMINATION. The loan may be pre-terminated by paying the tuistanding balance betore the end ofthe loan term. No fess shall be ‘charged tothe Borrower in case of pretermination. COMPULSORY PRE-TERMINATION. The loan agreement shall be deemed pre-terminated upon the death, resignation, permanent ‘sabi, ferement of separation ftom sevice ofthe Borowe, in which tase, the oustanding balance shall be due and demandabie an shall be collected by GSIS fom the claims of the Borrower, ister hes, andlor by other courses of actan (administrative or civil Retiring Borrowers may opt to avail ofthe Chore of Loan Amortization Schedule ‘orPonsioners (CLASP), subject to existing polices and procedures, TRANSFER OF OFFICE, The bortver shall give the GSIS 15-day avance notion in case of hs or her transfer to another government ‘fcelagency, For the continued remitance of the bortowers monthly payment an the loan, this application shal be sufcent authority for Geis to effect notice and calctionthvough salary deduction fom his or her new government offeelagency. CANCELLATION. Once the lan is approved and the loan proceeds ae released to the lending Institution’, the berrower shall ro longer have the option 1 cancel a loan but may only preterminata the same ‘hrough payment ofthe otal oustanding balance PENALTY FOR ARREARAGES. An accounts considera in areas if 4) there Is payment for monthly instalment but the remittance of sald payment ie layed: b) te actual amount pa forthe month is ase than {he amount du forthe same month or) there is no payment made for the month, I shall incur @ penalty at the rate of 1% per month, ‘compounded monthiy, unt the arrears ar pal 14, DEFAULT. An account is considered in default when the total unpaid ‘blastn is equivalent te more than six (8) monthy amortization. In ‘he event of default the utstanding balance ofthe loan becomes due land demandable without need of demand or frtner native, al of which ‘he member expressly waives, In cave of fallure to pay the outstanding Dalanos dviared in defaut, the outstanding balanee shal be charged ‘ith an inferest equvalent to 12% per annum compaundea monthly (p.a.cm ) and a penaly af 6% pa.cm, rom the date of detaut unl he date of al payment, 18, NO RENEWAL, The GFAL is a one:tine offer ofthe GSIS and isnot renewable, 16, AUTOMATIC DEDUCTION OF ARREARAGES, Any and all arearages from the GFAL chall ba deducted from the proceeds of the Enhancsd CConse-Laan Plus Program which ihe borrower may aval of 17, COLLECTION INTHE EVENT OF RESIGNATION, SEPARATION, RETIREMENT, DEATH OR PERMANENT TOTAL DISABILITY. Afr ‘he date of execution ofthis loan application, the employeriagency shal ‘kthhed the release of any oral benefits due tothe borower unt afer the requisite cearance andor statement of account, if any, shall have been duly secured trom the GSIS, pursuant fo GIS. Memorandum Circular No, 005, Series of 2018. The SIS, upon receipt of the request, shallissue the appropiate clearance andor statement of account othe uly authorized representative. of the employevagency. The femployeriagency, upon receipt of the statement of account fom the (G3IS, shall deduct andlor withhold ffom any or al Benes that may occu to the borraver, the total amount corresponding) tO. the tutctanding loan accounts and arrearages, any. and remit the same to ‘he GSIS to liquidate the loan, 18, REFUND OF OVERPAYMENTS AFTER END OF LOAN TERM. At he fend of the loan term, any overpayment shall be treated in accordance ‘ith the paey guidelines on treatment of excess payment, 19, ATTORNEY'S FEES. Should the GSIS be compelled to refer the loan ‘oF any portion thereof an Altorney-a-Law for collection orto enforee {ny right hereunder against the borower of aval of any remedy under ‘he la or this Agreement. the barrier shall pay an amount equivalent 10 25% ofall amounts outstanding and unpaid as and fr attomey/s fees and igaton expenses 20. VENUE. Any egal acon, sut or proceeding arising out or relating to this Agreement shall be Brought ar nstuted nthe appropriate courte the Gly of Pasay ov such other venue at the exclusive option of GSIS, Inthe event the borrower inate any legal action arsing from of under this Agreement. fr whatever causes, the bocower agrees to inate such ation only inthe City where the principal ofce of GSIS is locate. 21, NOTICES. Al notices required under this Agreement for ils enforcement Shall be sent to the Office Adaress or the Residential Address Inacated Inthe Personal Data porion of his loon appicton, The notes sent the said Offce or Residential Adress shall be valié and shal serve as Slfclent noice tothe borrower fo al legal intents and purposes. | confi that ave read and uly understood the GFAL Tens and Conatens and undertake to comply wih them. Furthermore, | herby authorize the GSIS, thvoug my employer (goverment agency) to deduct from my termina leave bones any ramaring outstanding lean ebigations I may have withthe GSIS| ‘upon my separation oF retirement. understand tha the rmitance thereof by my employer tothe GSIS shal fist be undertaken hetoe te issuance of a GSIS ‘clearance forthe release of my remaining temina lave Benes any | confim my understanding of the Privacy Poy of the GSIS pursuant tothe requements of Republic Act (RA) No, 10173, therise known as the Data Privacy Act, and consent fo the manner af calecton, use, access, dscosure and bro2essng of my personal and sensive persona data by de GSIS. Finaly, pursuant to R.A. No. 9510, otherwise krown as the ‘Credit Iniraton System Ad and fis Implementing Rules and Regulations (IRR) | hereby ‘achnowedge and consent to: 1) the regula submission and disclosure of my basic credit data and updates thereon othe Cred Ifomatn Corporation (IC), ‘and 2) the shang of my bas cred data wth lenders authorized bythe CIC. and Cred reporting agencies and ousaurced ents cy accredited by the IC subject othe prouions of RA, No. 9510. IRR and other relevant laws and ragitatons ‘MEMBER/BORROWER (Signalure over Printed Nama) DATE SIGNED BRT