GSIS FINANCIAL ASSISTANCE LOAN (GFAL)DEPED PERSONNEL LOAN APPLICATION Form No.01062020-GFAL-DEPED-REV 1 GSIS (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, orn obtaining any benefit under this application, shall be subject to administrative andlor criminal action, I wish to apply for the GSIS Financial Assistance Loan to DepEd to pay my existing loan with the following lending Institution/s (Lis): Pre Pre Poe Pre) ‘Lending Institution (LI) Business Address Telephone No. interest Rate Term (year 2year Sear ee) ‘Monthly Amortization Total Outstanding Balance (based on SOA) PERSONAL DATA (Please printtype) ‘Name of Applicant LastName First Name Middle Name Birthdate Birth Place BP No. WallingiResidential Address Present SchoallOffice and Address Telephone No, Cell Phone No, Email Address ‘School Details: Division No. T ‘Staton No, ET 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 or in part the balance of my loan account with the said private lender. SIGNATURE OF MEMBERIBORROWER Position Title/Designation School and Division Date Signed ‘TO BE FILLED OUT BY DepEd This Office certifies that: (1) the above signature of the member/borrower is authentic; (2) there is no pending administrative andior 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) 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. 1" ‘TERMS AND CONDITIONS LOAN AMOUNT The maximum loanable amount per borrower is Php50,000, provided thatthe resuitng not take home pay is ot lower {han the amount required under the General Appropriations ‘Act (GAA), afer all required monthly obligations have boon sodited The amount set by GSIS as loan amount shall bo considered {ied and non-negotiabo The arrearages on thor GSIS loans ofa borrower shal not be deducted from the proceeds of the financial assistance loan, INTEREST RATE. Inierest on loan shall be at se (6) percent per ‘annum computed in advance. The effective rate per annum that ‘hall be used wil be 11.258% for 6 yeas, The monthly intrest and outstanding balance ofthe loan shall be computed based on ‘diminishing balance. Provata interest covering the days. fom loan granting up to the end of the month prior tothe fst due ‘month shall be deducted in advance from te loan proceeds TERM. Loan repayment shall be made over six (6) years in soventy-we (72) equal monthly installments. DUE DATE OF FIRST MONTHLY AMORTIZATION. The remitance dug date of he monthly amortzaions shall be on or before the 10° day of each month folaning the due month unt the loan s ly pala. For loans granted on or before the 23 ofthe month, the ist ‘dio menth shall be. the calendar month folowing the ‘granting of the loan. ‘The loan amortization shal be remitted by the agency to GSIS on or belore the 10" ofthe month {along seh due month '. For cans granted afer tho 23 of the month, the fst due ‘month shal a the 2" calendar month follwing the granting ‘ofthe loan and shall be raid by the agency to GSIS on fF before the 10" day of the month folowing such duo ‘month PAYMENT MECHANISM. The monthly amorization shall be paid through payroll deduction, However, the borrower shall [rectly remit fo the GSIS the loan instalment as they fall due under any ofthe folowing instances: 2. His cher name ls excluded fom the monthly coleton Ist He or she ison sooandment, on study leave without pay or ‘extended leave without pay Tho monthly amortization fs not deducted andior remitted by the agency for any reason aside fom item 4b); and 4 The loan’ amortization dedietod ftom the payroll i not _ufcient to cover the fll amount du, REDEMPTION INSURANCE (Ri). The fnancial assistance loan has Rito safeguard the Inirests of bath the member and the GGSIS in case ofthe forma's unimely death during the term of the loan, The Rat a a3 flows Taner Monthly anaes {er hp,000 of Loan Armour) Bea 038 “To ensure thatthe member is covered with Rl rom the date of loan granfing, an advance Rl premium shall be deducted from the loan procoeds as folows: Date of oan Granting | Premium tobe Deducted ‘On or before the 2d oF Equlalent 91 month the math ‘erthe Brdof the quaint to Done month In case the loan Is In default, the RI coverage shall be deemed lapsed or cancelled. NO SERVICE FEE, The momber avaling ofthe GFAL shall not be charged a sence fee by the GSIS, APPLICATION OF PAYMENTS. The order of prion for the application of payment shall be as fllos: (a) RI premium, (b) Penalty if any) (@) Interest and () Principal PRE-TERMINATION. The loan may be pre-terminated by paying ‘he outstanding balance before the end ofthe loan term. No fees shal be charged the borrower incase of pre-termination. ‘COMPULSORY PRE-TERMINATION. The loan agreement shall bbe deemed. preorminatod upon the death, resignation, permanent distilty rtrement or separation fram sevice ofthe Eorrower, in which case, the outstanding balance shal be du fand demandable and shall be calacted by GSIS from claims of Borrowers, or their eis, concomed of by ether courses of acon (administrative or evi)” Retin borowers may opt to aval of the Choice ef Loan Amotizaton Schedule for Pensioners (CLASP), subject to existing polices and procedures, CANCELLATION. Once the loan is approved and the loan proceed is already released to the ionding instluton’s, the orrower shall no longer have the option to cance the foan But ‘may only pre-terminate the same trough payment ofthe tot ‘outstanding balance. 12, PENALTY FOR ARREARAGES. An account is considered in arrears if, a) there is payment for monthly instalment but the remitance of said payments delayed; b) the actual amount paid forthe month isles than the amount due forthe same month; oF ©) there Is no payment made for the month. It shall incur a penalty atthe rate of 1% per month, compounded moni, unt {he arrears are paid. 13, DEFAULT. An account is considered in default when the total Lunpaid obligation is equivalont to more than six () monthly ‘amotzations. Inthe event of default, the outstanding balance of ‘he loan becomes due and demandable without nea of demand ‘or further notes, all of which the member expressly waives. In ‘Se of faire fo pay the outstanding balance declared in defaut ‘the oulstanding ‘balance shall be. charged with an interest ‘equivalent to 12% por annum compounded monthly (p.a.em) and a penaly of 6% pac, fom the date of defaut unt the ‘ate ofall payment 14, NO RENEWAL. The GFAL to DepEd Personnel i a one-time ‘offer ofthe GSIS and is not renewable 15, AUTOMATIC DEDUCTION OF ARREARAGES. Any and all ‘arrearage from the GFAL shall be deducted from the procoeds fof tho Enhanced Conso-Loan Plus Program which the borrower ‘may aval 16, REFUND OF OVERPAYMENTS AFTER END OF LOAN TERM. [At he end ofthe loan term, any overpayment shall be treated in ‘accordance wih the policy guidelines on treatment of excess payment. 17, ATTORNEY'S FEES, Should the GSIS be competed to refer the Joan o any portion thereof to an Attomeyat-Law for election of| {o enforeo any right hereunder against the bortowor or aval of ‘any remedy under the law or this Agreement, the borrower shall ay an amount equivalent to 25% ofall amounts outstanding and Unpaid as and for atiomey’s fees and Itgation expen 18. VENUE. Any logal action, suit or procooding arising out or relating to this Agreement, shall be brought or insted In the ‘Sppropiate courts n the Giy of Pasay or such other venue atthe ‘exclusive option of GSS. in the evert the borrower intates any egal action aking from or under this Agreement, for whatever ‘causes, the borrower agrees to nate such action ony In the ‘Gy where the principal fice of GSIS is located 19. TRANSFERICHANGE OF OFFICE. The borrower shall immediately inform the GSIS of his or her transfer to any ‘government offcelagency, and, for the continued remitance of {he borowers monthly payment on the loan, this. appieation ‘hall be sufficient autarty for GSIS to effect collection trough ‘Salary deduction from his ar her new offeslagency 20, NOTICES. All noicos required under this Agreement for its ‘enforcement shal be sent to the Office. Address of the Residential Address indicated inthe Personal Data portion of hi Joan appicaon, The notices sent 10 the sald Office oF Residential Address shal! be vad and shall sorve as sufient nalice othe borrower for all legal intents and purposes. Incas sent to furnish hishher Head of ‘School Pena jonal Diector ot ‘ofthe notices issued fo himiher by the | contin that Ihave read and filly understood the GFAL. to DepEd Personnel Terms and Conditions and undertake to comply wit thom, Furtermore, 1 hereby authorize the GSIS, through my employer (goverment agency), to deduct fam my terminal leave benef any ‘maining oustanding loan eblgatons |may have with te GSIS upon my ‘separation er reverent. | understand that he remitance threo by my ‘employer tothe GSIS shal st be undertaken before the issuance of @ GIS clearance forthe release of my remaining terminal leave berets any. 1 cone my understanding ofthe Privacy Poly ofthe GSIS pursuant to ‘he requirements of Republic Act (RA No, 10173, cherwise known as the Data Pivacy Ad, and consent to the manner of colecon, use, access disclosure and processing of my personal and sensitive personal cata byte GSIS. Final, pursuant to RA No. 9610, otherwise known as the "Credit Infermaton System Act, and is Implementing Ruies and Regulations (ARR), I hereby acknowledge ard consent to: 1) the requar submission ‘and dscosure of my basic cdl data and updates thereon othe Credit ‘formation Corparaton (CIC) and 2) the sharing of my basic credit data with fenders authorized by the CIC, and credit repoing agencies and ‘outsourced enttes cui accreted bythe CIC, subject tothe provisions of ‘RA. No, 8510, ts IRR and afer relevant laws and regulations. ‘MEMBER/BORROWER (Signature over Printed Name) DATE SIGNED TN