The Social Security System (SSS) offers a faster and more convenient online pension loan application for new borrowers.
SSS President and CEO Michael Regino has announced that retired pensioners who are borrowing for the first time under the SSS Pension Loan Program can submit their applications online from May 30 on the My .SSS.
Previously, new pension loan borrowers had to visit the nearest SSS branch to file their initial applications, as online filing was 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 explained.
He urged pensioners to take advantage of the SSS’s offer of low-interest loans.
He assured that SSS would not require them to surrender their ATM cards as collateral, unlike some private lending institutions.
BbbThe PLP was launched to help retirees meet their short-term financial needs by offering them a loan at a reduced interest rate of 10% per annum.
Qualified retirees 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.