SSS PENSION LOAN PROGRAM – This article will teach you on how you can qualify for the new loan program offered by the Social Security System.
The Pension Loan Program is a loan that offers a low interest rate of 10% per year. With this loan program, the private sector workers’ pension fund will not require its retiree-pensioners to surrender their ATM cards as collateral.
Under the SSS Pension Loan Program, a pension loan of three and six times the aggregate monthly pension of a pensioner has a payment term of 6 and 12 months, respectively, while a pension loan of 9 or 12 times the aggregate monthly pension has a payment term of 24 months.
Here’s how you can qualify for this loan program:
The retiree-pensioners of the private sector workers’ pension fund must meet the following requirements to qualify for this loan program.
Retiree-pensioners must be 85 years of age or below at the end of the last month of the loan term. They must have no deductions from their monthly pension, have no existing advance pension under the SSS Calamity Assistance Package, and have updated “mailing address and mobile number”.
In addition, retiree-pensioners must also be receiving their regular monthly pensions for at least 1 month and the pension status is “Active”.
If you’re a retiree-pensioner and you’re interested in this loan program, you need to submit your loan application at the nearest SSS branch office or through your My.SSS account.
Loan proceeds, according to SSS, will be credited to your nominated bank account or UnionBank quick card within 3 working days for online applications and 5 working days if filed over-the-counter through the SSS branch once approved.
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