Guide on SSS Pension Loan Requirements 2024 for Application
SSS PENSION LOAN REQUIREMENTS 2024 – You can check here a guide on the requirements in applying for the Social Security System’s loan offer.
Have you heard about the special loan offer of the Social Security System for the pensioners? Aside from the monthly pension, the pensioners of the social insurance giant has another financial option that they can turn to — the SSS Pension Loan.
The SSS Pension Loan is designed as a cash loan to help the pensioners in their financial needs. It is a collateral-free loan that can lend the pensioner-borrower up to Php 200,000 under low interest rates.
Who are qualified to apply for the SSS Pension Loan? There are a few eligibility requirements in applying for the SSS Pension Loan. Here are the factors that the pensioner-borrower must meet:
- must be eighty-five (85) years of age or below at the end of the month of loan term
- must be receiving his/her regular monthly pension for at least one (1) month, and the status of pension is “active”
- must have no deductions from his/her monthly pension
- st have updated contact information (cellular/mobile number, email and mailing address)
- must have no existing advance pension under the SSS Calamity Assistance Package
- must have an approved disbursement account enrolled in the Disbursement Account Enrollment Module (DAEM)
According to the Social Security System, to qualify for the SSS Pension Loan in case the “retiree-pensioner availed of the eighteen (18) months advance pension, he/she must be receiving his/her regular monthly pension for at least one (1) month”.
In another case, pensioners who retired under the Portability Law and those under the care and custody of a guardian are excluded from this loan program.
All SSS pensioner-borrowers are covered by Credit Life Insurance (CLI). The insurance is a guarantee that the outstanding loan balance is fully paid in an instance that the pensioner-borrower dies. According to the state entity, the SSS waives the 1% service fee and it is used to subsidize the CLI premium of the pensioner-borrower.
The loan offer can be applied for online for a faster loan processing. There are only a few steps on how to apply for the SSS Pension Loan.