The Government Service Insurance System (GSIS) is extending its Restructuring Program for Service Loans (RPSL) until May next year, allowing borrowers to benefit from longer and more affordable payment terms.
Launched in May of last year, the RPSL offers delinquent borrowers more options to reduce their overdue balances and provides a flexible and affordable way to repay their loans.
The program includes a one-time condonation of penalties and surcharges, along with a restructuring option to help borrowers manage their service loans more effectively.
Borrowers participating in the program can choose to pay their loan in full or through installments.
For installment payments, a down payment of 10 to 75 percent is required, with the remaining balance payable over up to five years at an interest rate of 3 to 6 percent.
