The Government Service Insurance System (GSIS) recently launched a new loan program named the Ginhawa Bike and E-Mobility Loan Program, or GBEL. Under the program, qualified members can borrow up to P300,000 (payable over 36 months, at a 5% annual interest rate) to go towards the purchase of an electric scooter or bike.
The state pension fund mentions that the goal of the loan program is to provide members affordable access to alternative electric mobility, in light of the ongoing fuel crisis and broader international tensions. Here’s everything you need to know about this program.
Who are eligible to avail of a loan from the GSIS GBEL Program?
GSIS provides these specific qualifications for a member to be eligible for the GBEL Program:
- Must be in the service for at least three (3) years and has paid at least one (1) month premium contribution for both Personal and Government Share within the last six (6) months prior to the application.
- Has no pending administrative case and/or criminal charge.
- Is not on leave without pay.
- Has no GSIS loan accounts in default except housing loan.
- Is employed in an Agency which is not classified as “suspended” based on the GSIS records/system.
- Will have a resulting Net Take Home Pay (NTHP) after loan availment not lower than the amount required under the applicable provision of the General Appropriations Act (GAA), after all required monthly obligations, including GBEL amortization, have been deducted .
What vehicles are eligible for the GSIS GBEL Program?
In GSIS’s website post announcing the program, the specific types of vehicles eligible for this loan were detailed:
- Personal mobility scooters (e-mobility scooters commonly used for short-distance travel)
- Electric kick scooters (stand-up scooters powered by an electric motor)
- Electric bicycles (E-Bikes) which includes the following:
- Pedal-assist (Pedelec) e-bikes
- Throttle-controlled e-bikes
- E-MTBs (Electric Mountain Bikes)
- Electric folding bikes
- Electric commuter/road bikes
- Light electric scooters or light e-scooters (smaller, lightweight electric scooters generally used for urban mobility)
- Electric mopeds / e-mopeds
- Electric cargo bikes / utility e-bikes
- Electric fat tire bikes
- Electric mini-bikes / compact e-mobility units
- Other similar electric personal mobility device (any comparable electric-powered two, three or four wheeled unit intended for personal transport)
What are the terms of a GBEL Program loan?
An amount of up to P300,000 may be borrowed. The loan amount is payable up to three years, with a 5% per annum interest rate. Applications for this loan are done through the GSIS Touch app.
OTHER STORIES YOU MIGHT HAVE MISSED:
The Quezon City Libreng Sakay Program now has eight new electric buses
PH fuel price update: Hikes of P2.66/L for diesel, P2.21/L for gas effective May 5
The GBEL Program echoes an earlier initiative from the Department of Trade and Industry, which also provided loans (specifically for small businesses and TNVS drivers) for the adoption of electric vehicles.
In other news, LTO chief Markus V. Lacanilao reiterated through a public statement that no blanket ban has been applied to e-bikes, e-trikes, and similar light electric vehicles. The restrictions on operating them in national highways are a preventative safety measure, and they remain free to traverse city and municipal roads.
