Government Employees Mutual Savings Fund (GEMS) loan facility is ready to roll out from o1 May 2021.
In a statement, Secretary of the Public Service Commission (PSC), Ambassador Jonathan Wutawunashe said qualifying members of the voluntary fund who made contributions to the public sector for three consecutive months can apply for loans starting from tomorrow.
”Qualifying members of the voluntary fund that have made contributions for three consecutive months can, on 1st May apply for loans.
”The objective fund is to encourage members to accumulate savings through small monthly amounts, provide financial assistance to members and enhance financial flexibility and security for members.” Wutaunashe said.
Wutaunashe added that medium loans will be a thirty six-month facility which is for a maximum of eight-times one’s net salary for a maximum amount of ZW $500 00.00. A minimum interest rate of 10% shall apply per annum.
He said, ”Applicants should attach copies of Identification Card or valid passport or drivers licence ; a payslip not older than three months and fill the GMS Loans from, ZW200 00 application fee is levied on all application.”