Online pension loan application offered to first-time borrowers

·1 min read

RETIREMENT pensioners who are first-time borrowers under the Social Security System (SSS) Pension Loan Program (PLP) may now file their applications online starting May 30, 2022, in the My.SSS Portal, a top official announced Wednesday, May 25.

“We recognize the challenges faced by our retirement pensioners in going to SSS branch to avail of the Pension Loan Program. With the pandemic still around, pensioners prefer to have their transactions done online in their respective homes. This online facility makes it easier for them to avail of said program as it also guarantees a faster approval process,” said SSS president and chief executive officer Michael Regino.

Previously, first-time pension loan borrowers needed to visit the nearest SSS branch to file their initial applications since online filing is available only for the renewal of loan applications.

Regino also urged retirement pensioners to take advantage of this low-interest loan offering from the SSS. He assured that SSS will not require them to surrender their ATM cards as pawn collateral, unlike some private loan institutions.

The PLP has been launched to assist retirement pensioners in their short-term financial needs by offering a loan at a low-interest rate of 10 percent per annum.

Qualified retirement pensioners can apply for a loan equivalent to three, six, nine, or 12 times their basic monthly pension plus the P1,000 additional benefit, but not exceeding the maximum amount of P200,000. (with PR)

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