ay Vara Pec Pie GSIS FINANCIAL ASSISTANCE LOAN II (GFAL Il) LOAN APPLICATION acs Form No. 01062020-GFAL Il LAF-REV 1 (Please read Documentary Requirements at the back) THIS APPLICATION SHALL NOT BE PROCESSED UNLESS COMPLETELY FILLED OUT. ul WARNING: Direct or indirect commission of fraud, collusion, falsification, misrepresentation of facts, or any other kind of anomaly in the ‘accomplishment of this form, orn obtaining any benefit under this application, shall be subject to administrative andlor criminal action, wish to apply for the GSIS Financial Assistance Loan Il to pay my existing loanvs with the following lending institution/s (Lis) fr tr CIE Crrw Lending Institution (LI) Business Address | Telephone No. interest Rate Term cy, year Sear oe) ‘Monthly Amortization Toial Outstanding Balance (based on SOA) PERSONAL DATA (Please printtype) ‘Name of Applicant Tast Name T First Name ‘Middle Name Birthdate Birth Place BP No. Wailing/Residential Address ‘Agency and Address Telephone No. Cell Phone No. Email Address 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 | 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 MEMBER/BORROWER Position Title/Designation Agency Date Signed ‘TO BE FILLED OUT BY THE AGENCY AUTHORIZED OFFICER This Office certifies that: (1) the above signature of the member/borrower is authentic; (2) there is no pending administrative and/or criminal charge against him; (3) 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 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 Officer (AAO) Date (Signature over Printed Name) ‘THIS APPLICATION IS NOT FOR SALE AND MAY BE REPRODUCED.10. " 12 ‘TERMS AND CONDITIONS LOAN AMOUNT a The maximum loanable amount per borower is Php$00,000, provided tha the Feuling net take home pay i not lower than the [Smount required under the General Appropiatans Act (GAA), aller Al quired monthly obligations have been deducted b, The amount sat by GSIS as loan amount shal be considered fixed ‘and nan-negotable. ©. The artearages on other GSIS loans of a borrower shall not be deducted tom the proceeds ofthe nancial assistance loan INTEREST RATE. Intsrst on loan shal beat six (6) percent per annum ‘computed in advance. ‘The effecve rate per annum tobe used shal be 11-2588 for 8 years. The monthly interest and oustanding balance of the loan shall be computed based on diminshing balance, Provata interest covering the days fom foan granting upto the end ofthe month porto the fist due month shall be deducted in advance fom the loan Proceeds, TERM, Loan repayment shall be made over six (6) years in seventy-two (72) equal monthiy instalments. DUE DATE OF FIRST MONTHLY AMORTIZATION. The remittance Aue date ofthe monthly amortzatons shall be on or before the 10” day ff each month falling the due manth und he oan i uly paid 2." For loans gtanted on of before the 23" ofthe month, he fst due ‘month shal be the calendar month follwing the granting of the lean, The 1oan amerizaton shal be remitted by the agency to {GSIS on oF before the 10" ofthe month olawing such due month b. Forloans granted afer the 23° of the month the fst due mon shall be the 2” calendar month folowing the granting ofthe loan. ‘and shall be remited by the agency to GSIS on o before the 10" ‘ay ofthe month folowing such due month PAYMENT MECHANISM. Tho monthiy amerizaton shall be paid through payrall deduction, However, the borrower shall dict remit 0 the GSIS the loan instalment as they fal due under any ofthe flowing 4 His or her name is excluded from the monthly calaton ls He or she is on secondment, on study leave without pay or tended leave without pay The monthly amortzation is not deducted andor remited bythe ‘agency for any reason aide frm tem 4): and 4. Theloan amorization deducted rm the payol is not suicien cover the fll aout due, REDEMPTION INSURANCE (RI). Tho financial déctaneJoan has Rl to safeguard the interests ofboth the membet and the GSIS in cave of the former's untimely death during he fer ofthe lean. The Rl ra is as folws Tan Term ‘Wily Rina © {rer Php100 a tzan Amount) om 038 To ensure thatibe member is covered with RI fom the date of loan granting, an advance RI premium shall be deducted from the loan proveedt as (allows ‘iPremiun to be Daducted quale io 1 month Date ofan Granting vont ‘ARerthe arsof the month Tqavaent to F months In case the loan is in default, the RI coverage shall be deemed lapsed or cancelled NO SERVICE FEE. The momber avaling of the GFAL shall not be ‘charged a seria fe bythe GSIS, APPLICATION OF PAYMENTS. The oider of prot for the application of payment shal be as flows: (a) RI premium. (b) Penalty (any), (o) Interest and () Principal, PRE-TERMINATION. The loan may be preterminated by paying the fulslanding balance belore the end ofthe loan term: No fees shall be Charged tothe Borrower in cate of pretrmination. COMPULSORY PRE-TERMINATION, The loan agreement shall be deemed preteminated upon the death, resignation, permanent ‘sabity,fetvement or sepataton from seruice ofthe barter. which tase, the aulstanding balance shall be due and demandable and shall be collected by GIS fom the claims of the borrower. ster hes, andlor by other courses of acton (administrative of iil). Retiring Borrowers may opt ta avai ofthe Choice of Loan Amertizaion Schedule for Pensioners (CLASP), subject to existing plies and procedures, TRANSFER OF OFFICE, The boriower shall give the GSIS 15-day advance notice in case of his of her tansler to another government ‘fcalagancy. For the continued remittance of the borower= manthiy payment on the loan, this application shal be cuficient authoty for GoIS to effect notice and calecion through salary dediction from hs or her new government office/agency, CANCELLATION. Once the loan is approved and the loan proceeds are released to the lending Insituon’, he borower shall longer have the option fo cance! the lan but may only pre-erminate the same ‘trough payment ofthe loll oustanding balance, 19, PENALTY FOR ARREARAGES. AAn account! is considered in arrears i 28) ther is payment for monthly instaiment but the remittance of said payment delayed: b) te actal amount pa or he month i lees than the amount due forthe ame month o ) there iano paytnent made for the month. k shall incur a penaty st the rate of 1% par month, ‘compounded monthly, untl the areas ae pal 14, DEFAULT. An account is considered In default when the total unpaid ‘blgation is equivalent to more than six (6) monthiy amortization. Ih ‘and demandable athout need of demand or lure naie, all of which ‘he member expressly waives. In cave of faite to pay the outstanding Dalanos davired in defaul, the outstanding balance thal be charged vith an inlerest equivalent ‘to 12% per annum compounded monty (@.a.cm.) and a penalty of 6% pac, rom the date of detaut unl he Gate of ul payment. 18, NO RENEWAL, The GFAL lis @ one-time offer ofthe GSIS and isnot fenewable, 16, AUTOMATIC DEDUCTION OF ARREARAGES, Any and al arearages ftom the GFAL chall be deducted from the proceeds of the Enhanced CConso.Loan Plus Program wich te boxer may aval of 17. COLLECTION IN THE EVENT OF RESIGNATION, SEPARATION, RETIREMENT, DEATH OR PERMANENT TOTAL DISABILITY. Aller the date of execution ofthis oan application, the employeriagency shal vithned the release of ny oral benefits due fo the borower und afar the requiste clearance andlor satement of account, # any, shall have been duly secured trom the GSIS, pursuant '@ GSIS Memorandum Circular No, 005 Series of 2018, The GSI, upon reespt of he request, Shall issue the appropiate clearance andlor statement of agdoun the uly authorised representative ol the employelagency. The fmnployeriagenoy, upon receipt of the statement of account fom the sis, shall deduct andlor ssthhold trom any oF al Benes that may Seciie 10 the borraver. the total amaunl corresponding to the standing loan accounts and arearages, any, and remit the same to ‘he GSIS to quate theloan. 18, REFUND OF OVERPAYMENTS AFTER END OF LOAN TERM. At he fend of hesJoan term, any overpayment shall be treated in accordance ‘nth he polly guides on trestment of excass payment 1B, ATTORNEY'S FEES, Should the GSIS be compelled to refer the loan ‘ny right hereunder agains! the borower or aval of any remedy under ‘he la of his Agreement. the borrower shal pay an amount equivalent 925% of al amounts outstanding and unpaid as and fr atoms Tees ‘nd iigaton expenses 20. VENUE. Any legal acon, suit or proceeding arising out or relating to this Agreement shal be brought o instituted inthe appropriats courts in the City of Pasay or such other venue at tie exclusive option of GSS, Inthe event the borrower initiates any legal action arsing from or under this Agreement. for whatever causes, the borrover agrees to ite ‘ch ation only inthe City where the principal ofce of GSIS is located. 21. NOTICES. Al notices required under this Agreement fits enforcement shall be sent fo the Office Adsrecs or the Residential Adgtess indicated inthe Personal Data porion ol this loan appicatan, The nolces sent the said Offes or Resdential Address shall be vad and shall serve a= Sufcient notice tothe brewer for al lagal intents and purposes. In ‘a of past due loans, the borrower concerned gives the GSIS consent fo umich ser Hee of Agency. Regional Dwecior or Schoo! Principal 2-200, ofthe notices Issued to limvher by the GSIS regarding the past ‘conf that | have ead an fly understood te GEAL ff Tems and Condens ‘and undertake 0 comply wth them. Futhermar, 1 hereby authorize the GSIS. ‘trough my employer (goverment agency). (0 deduct from my terminal leave Dbpefs any remaining outstanding ‘oan obigatns 1 may have wih the GSIS on my separation of retemert. understand that the remtance thecot by my fenployer to the GIS shal fist be underaken before the issuance of @ GSIS earance fer the release of my remaining terminal eave bene, any. ‘confi my understandg ofthe Privacy Poicy of the GSIS pursuant 10 the fequirements of Repune Act (RA) No. 10173, otennse known as the Data Prnacy Act and consent tote manne of colecton use, access, disclosure and processing o my personal and sensitve personal dala by the CSIS, Finaly, pursuant 10 RA, Ni. 9510. aherse Anoun as the “Cred (efron ‘Sytem Ac’, and is Implementing Rules and Requaions (IRR). 1 hereby ‘acinouiedge are consent: 1) te regular submission and alsclosure of my ‘basic credit data and updates thereon fo the Creat Infomation Corporation (CIC): ‘and 2) the sharing ofmy basic cre data wit ends aulhrized by the CIC, an ‘eal reporing agencies and outsourced ens aly accredited by the CIC. ‘ute! the provsions of RA, No. 9510, «5 IRR and oer relevant laws and regulations MEMBER/BORROWER (Signature ove Pied Nave) DATE SIGNED aR