SOCIAL Security System (SSS) President and CEO Michael Regino announced on Wednesday (May 25th) that retirees borrowing for the first time under the SSS Pension Loan Program (PLP) can apply online. online from May 30, 2022 in My.SSS Portal.
Previously, new pension loan borrowers had to visit the nearest SSS branch to file their initial applications, as online filing is only available for renewal loan applications.
“We recognize the challenges our retirees face when they come to the SSS branch to avail of the retirement loan scheme. With the pandemic still present, retirees prefer that their transactions be carried out online at their respective homes. This online facility makes it easier for them to avail the said program as it also ensures a faster approval process,” Regino said.
Regino also urged retirees to take advantage of this low-interest SSS loan offer. He assured that SSS would not require them to pledge their ATM cards as collateral, unlike some private lending institutions.
The PLP was launched to help retirees meet their short-term financial needs by offering them a loan at a low interest rate of 10% per annum.
Qualified pensioners can apply for a loan equivalent to 3, 6, 9 or 12 times their basic monthly pension plus the additional benefit of P1,000, but not exceeding the maximum amount of P200,000.
Further information on the retirement loan program and its terms and conditions can be accessed via this link. https://bit.ly/3sKV1HA. (PR)
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