Guide on SSS Conso Loan Payment Options & Penalty Condonation
SSS CONSO LOAN PAYMENT OPTIONS – You can check here the options in paying for your consolidated loans under the Social Security System program.
In the Philippines, millions of Filipinos are members of the Social Security System or more popularly called SSS. The member populace of the social insurance giant includes individuals who are employed in the private sector, self-employed individuals, overseas Filipino workers, household helpers, voluntary members, and non-working spouses of SSS members.
The SSS is operating in the Philippines for decades now since 1957. It has several offers including many SSS benefits for members that attend to different situations as well as SSS loans that can provide you with an access to cash in different instances as well. However, truth be told that some instances may come in the way of repaying your loans which could lead to accumulated penalties and interest rates.
The good news for the members of the Social Security System with short-term loans that are past dues or those with unpaid obligations “consisting of principal, interest, and penalties equivalent to more than three (3) monthly amortizations, or the loan has remaining unpaid balance after its maturity”, you may apply for the SSS Conso Loan Program.
Under the SSS Conso Loan Program, all the penalties of the existing loans will be consolidated and you will be offered SSS Conso Loan payment options and penalty condonation. You may pay for the penalties under a one-time payment or through installment.
Let us discuss the SSS Conso Loan payment options beginning with the “One-Time Payment Term”. According to the social insurance giant, under this option, the SSS Conso Loan must be paid in full within 30 days since you received the notice of approval of the SSS Conso Loan application.
According to the SSS, consolidated loans amounting up to Php 5,000 must be paid through a one-time payment only. The other SSS Conso Loan payment option is the “Installment Plan”.
With regards to the Installment Plan as an SSS Conso Loan payment option, you must pay a downpayment which is at least 10% of the total consolidated loans within 30 days since you received the notice of approval. The remaining balance will be paid based on the following:
| Consolidated Loan (SSS CONSO LOAN) Remaining Balance | Maximum Term |
| Above P5,000 to P10,000 | 6 months |
| P10,001 to P18,000 | 12 months |
| P18,001 to P36,000 | 24 months |
| P36,001 to P54,000 | 36 months |
| P54,001 to P72,000 | 48 months |
| More than P72,000 | 60 months |
According to the SSS, a member may choose to repay the SSS Conso Loan under a term that is shorter than the one posted above. Here’s how the penalty condonation will be applied:
- Penalty proportionate to the percentage of down payment shall be condoned upon payment of the required down payment within 30 calendar days.
- The remaining amount of penalty shall be fully condoned after full payment of the outstanding SSS CONSO LOAN within the approved terms and conditions.
Are you interested to apply? There are a few requirements for the SSS Conso Loan application.