Social Security System (SSS) President and CEO Michael Regino announced yesterday that retirees who are borrowing for the first time through the SSS Pension Loan Program (PLP) can apply online. online from May 30 on the My.SSS portal.
New pension loan borrowers previously 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 benefit from the said program as it also guarantees a faster approval process,” Regino explained in a press release.
Regino also urged retirees to take advantage of this low-interest SSS loan offer. He assures that SSS will not require them to hand over 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 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.
Further information on the retirement loan program and its terms and conditions can be accessed via the following link: https://bit.ly/3sKV1HA.*