Social Security System announces the enhanced pension loan program last Saturday during the Pensioner’s day.
The Executive Vice President for Investments Sector Rizaldy Capulong said that from the original P32,000, pensioners can now loan up to P200,000.
He also mentioned that payment is now longer. The borrower can now pay for 24 months.
What’s good with the enhanced SSS Pension Loan Program?
There is no need for ATM Card Collateral. No hidden charges and advance interest. The interest rate is very low (0.83% per month). No processing fee and if ever the pensioner borrower dies it will automatically be paid.
Who are qualified to apply?
- 85 years old and below at the end of the term of the loan.
- No deductions from the monthly pension.
- Does not receive the SSS Calamity Package
- Receiving regular pension per month and the status of the pension is “active”.
The amount that can be borrowed depends on the Basic Monthly Pension together with the P1,000 added benefits.
Moreover, the pensioner borrower can choose the amount that he wants as long as it would not exceed P200,000.
The payment of the pension loan will be deducted from the monthly pension. See the photo below for reference.