GSIS Chairman and Acting President and General Manager Rolando Ledesma Macasaet, in a statement, said that DepEd employees have more than six months to take advantage of the GFAL benefits.
The GFAL is a program that enables GSIS members to consolidate and transfer to GSIS their outstanding loan balance from lending institutions that charge high interests. GFAL’s low interest and longer payment term yields higher take-home pay for members and protects their future retirement benefit. Under GFAL, the maximum loan amount is P500,000, with a six-percent interest rate per annum and six-year payment term through salary deduction. If the amount of loan balance transferred to GSIS is lower than P500,000, borrowers may apply for the remaining credit as Top-Up Loan for their other needs.
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