Guide on SSS Pension Loan 2024 that Qualified Pensioners May Avail
SSS PENSION LOAN 2024 – The Social Security System now offers another loan for pensioners who are in need of extra funds.
Countless Filipinos who are in the senior age now are pensioners of the Social Security System. More popularly called SSS, it is one of the giants in the Philippines in terms of social insurance institution. Individuals who are working in the private sector are mandated to maintain an active membership to the SSS.
When old age comes, SSS members who retired from working may get an SSS Retirement Benefit. Retirees may get either a lump sum or a monthly pension. The monthly pension that a member can get is a guarantee that he/she will always have something to turn to. Not only that — the social insurance giant also has loan offers.
One of the loan offers of the Social Security System was specifically crafted for the pensioners of the social insurance giant — the SSS Pensioner Loan. It is a “cash loan granted to retirement pensioners” to help them in their financial needs through a loan window that does not require Automated Teller Machine (ATM) cards as collateral and offers a low interest rate.
Under the SSS Pension Loan, a pensioner-borrower has a variety of loanable amounts that he/she can choose from. The loan amount is composed of the Basic Monthly Pension (BMP) plus the ₱1,000 additional benefit and the maximum loanable amount is Php 200,000.
| Loanable Amount | Repayment Term |
| 3 x (BMP + ₱1,000 additional benefit) | 6 months |
| 6 x (BMP + ₱1,000 additional benefit) | 12 months |
| 9 x (BMP + ₱1,000 additional benefit) | 24 months |
| 12 x (BMP + ₱1,000 additional benefit) |
With regards to the interest rate, the Social Security System has set it at 10% per annum computed on diminishing principal balance until fully paid. According to SSS, there is a minimal fee of Php 25.00 for the Quick Card or Cash Card. It will be deducted from the loan proceeds.
On the monthly amortization, it will be deducted from the monthly pension of the pensioner-borrower. There are some eligibility requirements set under the SSS Pension Loan offer.