How to Apply for the SSS Pension Loan Program

Sept 26

My aunt is a 65-year-old retired private school teacher.  She began receiving her SSS pension almost immediately after her 60th birthday.  Two years into her retirement, she fell ill and needed additional funds for her maintenance medications and regular check-up.  It was then that she was compelled to take on a loan of Php 25,000.00 from a lending company in our area.  The primary requirement of the lending company was for my aunt to surrender her ATM where her SSS pension is credited monthly.

In five days, the loan was granted and my aunt was able to purchase all the medicines she needed to complete her treatment.  However, she now has to go to the lending company’s office every month to claim the portion of her SSS pension – or at least the remaining portion after the lender has deducted her monthly loan amortization, plus a hefty 8% interest.  It was a painful ordeal but at that time, it was my aunt’s only option.

She is happy to know that the SSS has finally launched its SSS Pension Loan Program for pensioners like herself.  This one promises to be more affordable and will be sufficient for short-term needs such as medical expenses, household purchases, and maybe even a quick vacation.

Here are the details of the SSS Pension Loan Program (PLP) that was announced by the SSS last September 3, 2018:

Who are qualified to avail of the SSS Pension Loan Program?

  • SSS pensioners who are 80 years old and below at the end of the month loan term;
  • Must have no outstanding loan balance and benefit overpayment payable to SSS.
  • Does not have advance pension under the SSS Calamity Package
  • Have been receiving their regular monthly pensions for at least six months.

What are the loan amounts?

According to SSS, the minimum loan amount for a qualified pensioner is twice the amount equivalent to their basic monthly pension plus a Php 1,000 benefit.

The maximum loanable amount is six times their basic monthly pension plus an additional Php 1,000 benefit, but must not exceed a total of Php 32,000.00

How much is the interest rate?

An interest of 10% per annum shall be applied on the loan amount until it is fully paid.  This is computed on a diminishing principal balance and shall then become part of the loan’s monthly amortization.

What are the loan repayment terms?

A pensioner may choose to pay for his loan in three, six, or 12 months depending on the multiple of the loan amount.  The loan payments shall be deducted from the monthly pension of the borrower.

Where can pensioners apply for the PLP?

As of this writing, there are 20 SSS branches that are ready to receive PLP applications, these are:

  • Diliman
  • Kalookan
  • Pasig-Pioneer (Shaw)
  • New Panaderos (Mandaluyong)
  • Manila
  • Makati-Gil Puyat
  • Alabang
  • Naga
  • Dagupan
  • Baguio
  • Ilagan
  • Bacoor
  • Binan
  • Cebu
  • Tacloban
  • Iloilo Central
  • Cagayan De Oro
  • Davao
  • General Santos
  • Zamboanga

What are the loan requirements and how do we apply?

  1. The pensioner must personally visit any of the above-mentioned SSS branches. He or she must submit a photocopy of any of the following IDs:
  • Social Security ID
  • Unified Multi-purpose ID card (UMID)
  • Passport
  • Two other valid IDs with identical signatures, at least one of the IDs must bear the pensioners photo.
  1. Get the cash card or quick card of your chosen bank where the loan proceeds will be deposited. You may also enroll your UMID card as an ATM at any branch or kiosk of the Union Bank of the Philippines.
  2. Choose your desired loan amount and loan term.
  3. Review the information and loan details that will be flashed on the screen.
  4. Sign the Pension Loan Assistance Application and Disclosure Statement and submit.

Wait for up to 5 working days from the date of your loan approval for the proceeds to be credited to your cash card or UMID card.

This is definitely good news to our SSS pension followers, especially since the Christmas season is just around the corner!  If you have more questions about the SSS Pension Loan Program, you may call the SSS hotline at 02-920-6446 to 55 or send an email to


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Published by MasterCitizen

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