Podcast
Questions and Answers
What is required before applying for the GSIS MPL PLUS?
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?
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?
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?
Which deductions will be taken from the MPL Plus proceeds?
How is the monthly interest on the outstanding balance calculated?
How is the monthly interest on the outstanding balance calculated?
When are the monthly amortizations due?
When are the monthly amortizations due?
Where should the member-borrower remit the loan installment?
Where should the member-borrower remit the loan installment?
What is deducted from the loan proceeds to ensure coverage with RI?
What is deducted from the loan proceeds to ensure coverage with RI?
What does the incremental gross loan amount refer to?
What does the incremental gross loan amount refer to?
Under what circumstances is the loan agreement deemed pre-terminated?
Under what circumstances is the loan agreement deemed pre-terminated?
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.
