The Government Service Insurance System (GSIS) received strong demand for its new gadget loan program, logging more than 21,000 applications worth ₱1.26 billion through its mobile app after the launch of the Digital Ginhawa Loan.
The state pension fund said 9,461 applications, amounting to ₱565.7 million, have already been approved.
Under the program, eligible members may borrow up to ₱60,000 to buy a computer, tablet, or cellphone for work or study. The loan carries a 6% annual interest rate, is payable over three years, and has no service fee.
Approved proceeds are credited directly to a member’s GSIS ATM account within one to three banking days.
GSIS previously launched a similar computer loan program in 2020, which was tapped by more than 355,000 members with total disbursements of ₱10.67 billion.
The new Digital Ginhawa Loan includes loan redemption insurance that considers the balance fully paid in case of the borrower’s death.
“This digital loan empowers our members to upgrade their tools for work and stay connected in the digital era, all in just a few taps through GSIS Touch,” GSIS president and general manager Wick Veloso said.
