Are you an SSS pensioner and are thinking of applying for a pension loan? If you should ask for my advice, do not borrow from loan sharks or private lending companies who will take your SSS pension ATM card as collateral for your loan. It is still best that you transact directly with the SSS to ensure that your welfare as a senior citizen or SSS pensioner is well taken cared of.
Find out how you can qualify for an SSS pension loan and how to file one during a pandemic:
- You must be an SSS retiree-pensioner;
- Must be 85 years old or below at the end of the month of the loan term;
- No outstanding loan balance or benefit overpayment from your monthly pension;
- No existing advance pension under the SSS calamity package;
- Must be receiving your regular monthly pension for at least one month; and,
- Pension status is “active”.
- With a valid SSS UMID card enrolled as ATM card or valid UBP QuickCard for your previous pension loan;
How to apply for a Pensioner’s Loan Program:
- You can apply for a pension loan up to a maximum of P200,000 that you can pay in 6, 12, or 24 months.
- With 10% interest per year.
- Can be applied for online.
- Log in to your My.SSS account. If you still do not have a My.SSS account, read my previous blog to get the complete instructions.
- Click on the E-services tab and choose Apply for Pension Loan.
- Choose the loan amount you wish to apply. Click on the Submit button at the bottom of the chosen loan computation.
- Check all the details of your application before submitting. Tick the Acknowledgement, Authorization, and Agreement box.
- Click the “Disclosure Statement” and print a copy for your reference.
- Close the Disclosure Statement page to activate the Submit Pension Loan button. Click the “Submit Pension Loan” button.
- You should receive a notification telling you that your submission was successful.
- You will also receive an email notification containing the details of your Pension Loan application .
- You will receive your loan proceeds within 5 working days and this will be credited to your Savings Account, based on the following order of priority:
- Valid SSS UMID Card enrolled as an ATM Card;
- Valid UBP QuickCard registered as savings account with the SSS;
- Valid Savings Account with a PesoNet-participating bank enrolled with the SSS.
If you do not have any of the above (and still receive your loan proceeds through check), you need to apply personally at an SSS office.