If you’re a SSS senior or retiree pensioner that has struggles with money and needed it immediately, this article is for you. Torn between borrowing money from ‘Sangla-ATM’ and SSS? Weigh in your options on this because at the end of the day, your welfare on paying the amortization will matter. We are not bad mouthing the Private Loan out there, it’s just if you’re qualified on the Pension Loan Program, you can benefit from its advantages.

If you know that you’re qualified for Pension Loan Program, here are the advantages of availing it:

• 10% per annum low-interest rate derived from diminishing principal balance.
• You are not required to surrender your ATM Card for collateral to SSS.
• There is also no Processing or Service Fee on availment of the loan.
• You can borrow up to P200,000, which is the aggregate monthly pension maximum loan amount, or up to (3/6/9/12) times your basic monthly pension plus 1,000 additional benefits.
• When you begin making monthly pension loan amortization payments, SSS will make sure that your net take-home income is at least 47.25% of your total monthly pension.
• Additionally, PLP has a longer repayment duration:
  • Three (3) times the pensioner’s total monthly pension – twelve (6) months repayment period.
  • Six (6) times the pensioner’s total monthly pension – twelve (12) months repayment period.
  • Nine (9) or Twelve (12) times the pensioner’s total monthly pension – twenty four (24) months repayment period.
• First monthly amortization will start on the second month after loan grant.
• Moreover, the borrower’s credit life insurance (CLI) premium is subsidized by waiving the 1% service charge.

To determine the qualifications on the pension loan program:

• You are a retiree-pensioner with My.SSS account sa SSS Website (if you want to apply online).
• 85 years old and below at the end of the last month of the loan term
• No deduction on monthly pension or existing advance pension in SSS Calamity Loan Assistance Package
• Actively receiving monthy pension for at least one month and status of pension is “Active”
• Updated contact details such as mailing address and contact number

If you have checked all the items above, then you are qualified. Click this link to avail the PLP online or at branch.