GSIS FINANCIAL ASSISTANCE LOAN (GFAL) TO DEPED PERSONNEL GSIS LOAN APPLICATION Form No. 03062018-GFAL-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, collusion, falsification, misrepresentation of facts, or any other Kind of anomaly in the ‘accomplishment of this form, or in obtaining any benefit under this application, shal be subject to administrative andior criminal action, ' wish to apply for the GSIS Financial Assistance Loan to DepEd to pay my existing loan with the following lending institutions (Lis) Pre) LINO. 2 Pre LINO. 4 Lending Institution (LI) Business Address Telephone No. Interest Rate Term (yea, 20a yee =) Monthly Amorlization Total Outstanding Balance (based on SOA) PERSONAL DATA (Please printype): ‘Name of Applicant LastName First Name idle Name Birthdate ‘Birth Place BP No, Wailing/Residential Adare: Present School/Office and Address Telephone No, Cell Phone No. Email Address ‘Sehoo! Detail Division No. ‘Station No. F No. UNDERTAKING In consideration of the loan granted under this application, | promise to pay the 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 and to which | bind myself to pay the required monthly amortization hereon through payroll deduction for which | hereby authorize my Treasurer / Disbursing / Collection Officer, 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 the balance of my loan account with the said private lender. SIGNATURE OF MEMBER/BORROWER Position Title/Designation ‘School and Division Date Signed ‘TO BE FILLED OUTBY DepEd This Office certifies that: (1) the above signature of the member/borrower is authentic; (2) there is no pending administrative andlor criminal charge against him; (9) the member/borrower is a permanent employee and regular premium-paying member of GSIS; (4) the member is not on leave of absence without pay; and (5) the memberfborrower has an outstanding loan trom (ame of Lending Institution) 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 Officer (AAO) Date (Signature over Printed Name) THIS APPLICATION IS NOT FOR SALE AND MAY BE REPRODUCED.10. " ‘TERMS AND CONDITIONS LOAN AMOUNT 8 The maximum loanable amount per borrowers Php00,000, provided thatthe resuling net take home pay fs Pot lower than the amount required under the General Appropriations Bet (GAA), afr all requred monthy obligations have been deducted b. The amount set by GSIS as loan amount shal be considered fied and non-negotiable, .& The atfearagos on other GSIS loans of a borrower shal not be deducted fom the proceeds of the financial assistance toon INTEREST RATE, Interest on loan shal be ats (6) porcent por annum computed in advance. The effecive rate per annum that Shall be used wil be 11258% for 6 years. The monthly intrest and outstanding balance ofthe loan shall be computed basod on ‘diminishing balance. Pro-ata intrest covering the. days fom loan granting up lo the ond of the month prior tothe fst due ‘month sal be dedited in advance ftom te loan proceeds, ‘TERM. Loan repayment shall be made over six (6) yeas in _seventy-w (72) equal monthly installments. DUE DATE OF FIRST MONTHLY AMORTIZATION. The Femitance due date of the monthly amorizations shall be on or helo the 10" day ofeach month folosing the due mont Unt ‘the oan fly pal 8° Forloans granted on or before the 23 ofthe month, the fst ‘due month shall be. the ‘calendar month Yalloving the fg%anting ofthe oan, The loan amocizaion shal be remit By the agency to GSIS on or before the 10" of tho month folowing such aie month b. For loans granted aftr the 23° ofthe mont, the fst due ‘month shall bs the 2" ealondar month following the grating ‘tthe loan, and shall be remited by the agency to GSIS on oF before the 10" day of te month folowing such due month PAYMENT MECHANISM, The monthly amorization shall be paid through payrll deduction. However, the borrower shal ‘Srecly rem fo the GSIS the loan instalment as they fall due Under any athe folowing instances: 4 His or hor name is excled from th monthly cotton it; He or shes on secondment. on stidy leave thou pay or ried leave vitout pay ‘6 The monthly amortization isnot daducted andor remitted by the agency fr any reason aside from lem 4), and 1d, The loan amorzaton deducted from the payol is not sient to caver the fal amount de, REDEMPTION INSURANCE (Ri) Tho financial assistance loan has Rl to safeguard the interests of both the member and the GSIS in case ofthe formers untimely death during the tom of the oan, The Ri rales a fellow: Tan Term Monit Rate {Per Pyp1,000 Loon Amount) Bye 038 “To ensure thal the member i covered vith Rl frm the date of loan granting, an advance RI premium shall be deducted from ‘ne loan procteds as folows: ‘Date of an Grating ‘nar before the 2rd of ier the 235 ofthe month i Premiam to be Deducted aunvlentto I month Faunnlentto 2 manthe In case the foan is in default, the RI coverage shall be ‘deemed lapsed or cancelled. NO SERVICE FEE. Tha member avaing of the GFAL shall not be charged acevie fea bythe GSIS, [APPLICATION OF PAYMENTS. The order of prionity for the ‘appcation of payment shall be ae folows: (a) Ri premium, (] Penalty f any) (6) Inert and (8) Principal PRE-TERMINATION. The loan may be pe-terminated by paying the outstanding balance before the end of the oan term. NO foes sal be charged tothe borower incase of pr-terminaton COMPULSORY PRE-TERMINATION, The loan agreement shal bbe doomed. pre-orminated upon tho. death, resignation, ppemanent dsabily,rerement or separation fom service of he orower in which cas, the oustanding balance shal be die and demandable and shall be eolected by GSIS from claims of thorowers oF their hes, concemed or by otter courses of action (administrative or cil Retiing borowers may opt to aval of the ‘Gholse of Laan Amotzation ‘Schedule for Pensioners (CLASP), subject to existing poles and procedures, CANCELLATION. Once the loan is approved and the loan preceod is already released to the lending insttutlon’s, the rower shall na longer have the option to cancel the loan ut may only preerminats the same through payment of th total ‘outstanding balance 12, PENALTY FOR ARREARAGES. An account ie considered in fartears if 9) there is payment for monty instalment but the femitance of said payment is delayed, b the actual amount paid forthe mont i ess than the amaunt due fr the same month; or ©) there fe no payment made for the month. t shall nau a penalty athe ate of 1% per month, compounded mony, unt {he aroars are paid 19. DEFAULT. An account ie considered in default when the tata lunpaid cbigaton is equivalent to moce than six (6) monthly ‘morizatons. inthe event of default the outstanding balance of the loan becomes due and demandabla wout neod of demand © futher nati, al of whieh the momber expressly waves. In ase of falure to pay th custanding balance decared in default, the cutsanding balance shall be. charged. with an intrest eulvalent to 12% per annum compounded monthy (p.m) fad ponaly of 6% pzem, fom the date of defaul ul the ato of ul payment 14, NO RENEWAL. The GFAL to DepEd Personnel i @ one-time fer ofthe GSIS and snot renewable 18, AUTOMATIC DEDUCTION OF ARREARAGES. Any and at ‘srearages from the GFAL shall be deducted from the proveeds tthe Erinanood Conso-Lean Plus Program which the borrower may avai of 18, REFUND OF OVERPAYNENTS AFTER END OF LOAN TERM. At the end ofthe loan term, any overpayment shal be treated in ‘ecordance with the poley guidelines on Weatment of oxcest payment {7- ATTORNEY'S FEES. Should the GSIS be compel to rer the lean of any potion thereat o an Attomey.at Law for collecson or {o enforce any right hereunder against the borower of aval of ‘any remedy under the law or hs Agreement, the borrower shall pay an amount equivalent to 25% of al amounts outstanding and {ipa as and for atomey’s feos and ligaton expenses. 1B. VENUE. Any legal scion, sut or proceeding arising out or felating to ths Agrooment, shall be bought of instituted In the ‘Spproprate courts in the City of Pasay or such other ven athe fxclusve option of GSIS. in the event the Gorower ites any legal action aring from or under thie Agreement. for whatever causes, the borewer agrees to inate such acion enly in the City where the principal fee of GSIS is located 18. TRANSFERICHANGE OF OFFICE, The borcower shall immediately norm the GSIS of hie or her fans to. any (goverment offeclagency, and, fo the continued remittance of the borrowers monthly payment on the Toan, this application shal be sufcient auto for GSIS to effect cllction through Salary deduction om his or her new offcetagency. 20, NOTICES. A notices required under this Agreement for tlorcement shall be sent tothe Office Address Indisted in the Personal Data porton of tis lean application. The notices sont to tho sad off adexe shall be vad and shall servo as sufclont nate to the borewer fer al egal intents and purposes 1 confirm thet | have read and fuly understood the GAL to DepEd Personnel Tems and Condens and undatake to comply wit thm Furhemore, | hereby authorze the GSIS, trough my employer (Gavemment agency, to deduct fram my terminal leave benefis any "remaining outstanding an obigations may have withthe GSIS upon my ‘separation or alremert. | understand ta the remitance threo by my ‘emplyer tothe GSIS shall first be undertaken before the issuance of @ GSIS clearance forthe releaso of my remahing tomina lave bono any, {confi my understanding ofthe Pivacy Policy of he GSIS pusuant to ‘the requirements of Republe Act (R.A) No. 10173, ctherwse known as the Data Privacy Act. and consent tothe manner of collection, use access, disclosure and processing of my porsanal and soniive parsonal data by te GSIS Fall, pursuant fo RA. No, 9510, ohentise known as the “Credit Infomation Systom Ad’ and && Implementing Rules and Rogdatons (ARR), | hereby acknowledge and consent fo: 1) the reguiar submission and ddosue of my basc cred dala and updales trevon tothe Credit Infomation Coporaton (CIC). and 2) the sharing of my basic cect data vith lenders authorized by th CIC, and credit rapoing agencies and ‘outsourced entities duly acceded by he CIC, subject the provsons of RA No, 9510s IRR and other relevant ws and regulations MEMBERBORROWER DDATE SIGNED (Signature ove Printed Name) 7H