Online pension loan application offered to first-time borrowers

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RETIREMENT retirees borrowing for the first time under the Pension Loan Program (PLP) of the Social Security System (SSS) can now submit their applications online from May 30, 2022, on the My.SSS portal , announced a senior official on Wednesday, May 25.

“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 ensures a faster approval process,” said SSS President and CEO, Michael Regino.

Previously, new pension loan borrowers had to visit the nearest SSS branch to file their initial applications, as online filing is only available for renewal loan applications.

Regino also urged retirees to take advantage of this low-interest SSS loan offer. He assured that SSS would not require them to pledge 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 pensioners can apply for a loan equivalent to three, six, nine or 12 times their basic monthly pension plus the additional benefit of P1,000, but not exceeding the maximum amount of P200,000. (with PR)

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