GSIS MPL PLUS Application Quiz

Questions and Answers

What is required before applying for the GSIS MPL PLUS?

Proof of current income

Submission of personal identification

Approval of prior loans

Securing tentative computation of proceeds (correct)

How is the minimum loanable amount determined for the borrower?

Based on the indebtedness at the time of application (correct)

Based on the borrower's income

Based on previous loan histories

Based on the borrower's credit score

What should be computed up to the date of granting of the MPL Plus?

Future interest rates

Property value used as collateral

Outstanding balances of loans, including waivable surcharges (correct)

New loan amount only

Which deductions will be taken from the MPL Plus proceeds?

Emergency Loan arrearages and GFAL arrearages if in default Signup and view all the answers

How is the monthly interest on the outstanding balance calculated?

Based on the diminishing balance Signup and view all the answers

When are the monthly amortizations due?

On or before the 10th day of each following month Signup and view all the answers

Where should the member-borrower remit the loan installment?

Directly to a GSIS office or accredited payment service provider Signup and view all the answers

What is deducted from the loan proceeds to ensure coverage with RI?

An advance RI premium Signup and view all the answers

What does the incremental gross loan amount refer to?

The difference between the loan amount and outstanding balances of existing loans Signup and view all the answers

Under what circumstances is the loan agreement deemed pre-terminated?

Upon the borrower's death, permanent disability, retirement or separation from service Signup and view all the answers

Study Notes

GSIS MPL PLUS Loan Application Guidelines

Secure a tentative computation of proceeds before applying for the GSIS MPL PLUS.
The minimum loanable amount is determined by the borrower's current indebtedness at the application time.

Loan Computation and Deductions

Outstanding loan balances, including any surcharges, will be calculated up to the MPL Plus grant date.
Deductions from MPL Plus proceeds include Emergency Loan arrearages if in default and GFAL arrearages.

Interest and Amortization Details

Monthly interest on the loan's outstanding balance is computed based on a diminishing balance method.
Monthly amortization remittance is due on or before the 10th day of the month following the due month until the loan is fully paid.

Payment Remittance Instructions

Member-borrowers must remit loan installments directly to the GSIS office, accredited service providers, or associated bank partners when due.

Risk Insurance Premium Deduction

An advance Risk Insurance (RI) premium will be deducted from the loan proceeds to ensure coverage from the loan granting date.

Loan Consolidation Definition

Incremental gross loan amount refers to the difference between the new loan amount and outstanding balances of existing loans being consolidated.

Loan Agreement Terms on Borrower's Status Change

Loan agreements are automatically pre-terminated upon the borrower’s death, resignation, permanent disability, retirement, or separation from service, whereupon the outstanding balance becomes due and will be collected by GSIS from the borrower’s claims or through legal means.

Description

Test your understanding of the prerequisites and conditions for applying for the GSIS MPL PLUS. This quiz involves restating sentences and identifying their meanings with multiple choice options, ensuring you comprehend the loan requirements. Prepare to enhance your knowledge about the GSIS MPL PLUS process.