SSS PENSION LOAN PROGRAM – This article will teach you about the steps on how to apply for this loan.
The Pension Loan Program (PLP) is a loan program of the Social Security System that offers a low interest rate of 10% per year.
With this loan program, SSS will not require its retiree-pensioners to surrender their ATM cards as collateral.
Below are the steps on how to apply for this loan:
The first step is to go personally to any SSS branch or service office and present the original and submit a photocopy of any of the following:
- Social Security (SS) ID card
- Passport
- LTO Driver’s License
- NBI Clearance
- Unified Multi-purpose Identification (UMID)
- Alien Certificate of Registration from Bureau of Immigration
- PNP Permit to Carry Firearms Outside of Residence
- PNP Firearm Registration
- Phil. Postal Corp. ID Card
- MARINA Seafarer’s Identification and Record Book (Seaman’s Book)
- COMELEC Voter’s ID Card
- Two (2) valid ID cards/documents, both with signature and at least one (1) with photo
Next, you need to wait for the results of the eligibility check to be performed by SSS counter personnel to find out if you are eligible to avail the loan. After that, you need to choose the loan amount and repayment term being applied for and then review your information and loan details to be shown by the SSS counter personnel.
The next step is to receive the Cash Card or Quick Card of the chosen bank or enroll UMID card as an ATM card at the Union Bank of the Philippines kiosk (if available in branch).
You need to affix your signature on 3 copies of your Pension Loan Application and Disclosure Statement and affix 3 signatures of a photocopy of the valid IDs you want to submit. Also, you need to fill out and sign the Supplemental Info Sheet and Terms and Conditions of the chosen bank.
Once done, you need to wait for 5 working days from date of approval before withdrawing the loan proceeds from the Cash Card / UMID card.
If you are a retiree-pensioner who is based abroad and whose UMID Cards are enrolled as ATM cards, you may apply for a Pension Loan by submitting the documentary requirements at the nearest SSS Foreign Representative Office.
You may also visit: SSS Pension Loan Program – How To Qualify For This Program?