SSS Introduces Latest Loan Program For Pensioners
The Social Security System (SSS) has introduced their newest loan program for the qualified and retired pensioners.
On Monday (September 3, 2018), SSS President and Chief Executive Officer Emmanuel Dooc launched the Pension Loan Program (PLP) allowing senior citizens to avail affordable loads.
PLP would allow retired pensioners to have affordable loans in case of an emergency including medical expenses and prevent pensioners to lend money from loan institutions offering large interest rates.
“Qualified retiree pensioners are those 80 years old and below at the end of the month of loan term, have no outstanding loan balance and benefit overpayment payable to SSS, have no advance pension under the SSS Calamity Package and have been receiving their regular monthly pensions for at least six months,” Dooc said quoted by Manila Times.
Dooc explained that the qualified pensioners could loan a minimum amount twice from their basic monthly pension and an additional benefit worth P1,000.00.
The SSS executive said that pensioners could load at least six times higher than their basic monthly pension but would not exceed P32,000.00.
The loan has an interest rate of only 10 percent per annum until the amount was fully paid.
The pensioners could pay the amount within three, six, or 12 months depending on the amount of loan.
The borrower should apply for the PLP at any SSS branches nationwide and must present its Social Security Card or Unifed Multi-Purpose Identification Card.
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