Definition

A cash loan granted to retirement and surviving spouse pensioners which aims to assist them in their financial needs through a loan window which does not require ATM cards as collateral, and at a low interest rate.

Qualifying Conditions

The SSS Pension Loan is a safe and secured loan privilege for retiree and survising spouse pensioners who will meet the following conditions:

 

Retiree Pensioners
  1. Must be registered in the SSS website with updated contact information and enrolled disbursement account;
  2. Must be eighty-five (85) years of age or below at the end of the month of the loan term.
    Sample Illustration:
    Maximum Age at Time of Availment Loan Term
    84 years and 4 months 6 months
    83 years and 10 months 12 months
    82 years and 10 months 24 months
  3. Must have no deductions from their monthly pension;
  4. Must have no existing advance pension under the SSS Calamity Loan Package;
  5. Must be receiving their monthly pension for at least one (1) month and the status of pension is “Active”. If the retiree-pensioner availed the 18 months advance pension, they must be receiving their monthly pension for at least one (1) month; and
  6. Must not have been disqualified due to fraud committed against the SSS.

 

 

Survivor Pensioners
  1. Must have an SS number and is registered in the SSS website, with updated contact information and enrolled disbursement account. If not an SSS member, they must secure an SS number as surviving spouse pensioner to be able to register in the SSS website;
  2. Must be at least eighteen (18) years of age at the time of filing of loan but not more than eighty-five (85) years of age at the end of the month of the loan term.
    Sample Illustration:
    Maximum Age at Time of Availment Loan Term
    84 years and 4 months 6 months
    83 years and 10 months 12 months
  3. Must have no deductions from their monthly pension;
  4. Must have no existing advance pension under the SSS Calamity Loan Package;
  5. Must be receiving their monthly pension for at least one (1) month and the status of pension is “Active”;
  6. Must be sole payee to the death benefit; and
  7. Must not have been disqualified due to fraud committed against the SSS.

Loan Details

Loanable Amount

The loan amount is based on the Basic Monthly Pension (BMP) plus the ₱1,000 additional benefit. The pensioner-borrower may choose from the following loanable amounts, but not to exceed the maximum loan limit of ₱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)

 

Interest Rate

The interest rate is 10% per annum computed on diminishing principal balance until fully paid.

 

Loan Processing Time

The pension loan shall be released within three (3) to five (5) working days from date of application.

  • Three (3) working days for ONLINE applications, or
  • Five (5) working days for OTC (Over-the-Counter) applications.

Reminders:

    • For online applications, a My.SSS account is required.
    • For OTC (Over-the-Counter) applications, submission of loan application must be done personally at the nearest SSS Branch. The retiree-pensioner only needs to present his/her SS Card or UMID Card or any government-issued ID/documents with photo.

 

Fees

There is a minimal fee of P25 for the Quick Card or Cash Card. The cost shall be shouldered by the pensioner-borrower and shall be deducted from the loan proceeds by the bank.

 

Monthly Amortization

The loan amortization shall be deducted from the monthly pension. The first amortization shall become due on the second month after the loan was granted. For example, if the loan was granted in May, the first amortization shall be deducted from the pension for July.

 

Insurance

All pensioner-borrowers are covered by Credit Life Insurance (CLI), which ensures that the outstanding loan balance is fully paid in case of the untimely demise of the pensioner-borrower.

The 1% service fee usually charged by the SSS is now waived and shall be used instead to subsidize the pensioner-borrower’s CLI premium.

How to Apply

 

  1. Log in to your My.SSS Account.
  2. Click Loans > Apply for Pension Loan.
  3. Choose the disbursement account where you want to receive the proceeds of your Pension Loan. If you have not enrolled a disbursement account for the electronic disbursement of your Pension Loan, your application will be automatically rejected. If you have not yet chosen an account for your Pension Loan disbursement, the “Submit” button will remain disabled.
  4. Choose your preferred Pension Loan amount from the computations displayed on the screen by clicking the “Submit” button below each computation.
  5. Check all the details of your application, then tick the small box on the left side of the “Acknowledgment, Authorization and Agreement” box screen. This signifies that you agree with the amount of Pension Loan as stated in the Disclosure Statement, the deduction of your monthly loan amortization from your monthly pension and the Terms and Conditions of the Pension Loan Program.
  6. The Terms and Conditions of the Pension Loan Program shall be displayed. Click the “I have read and agree to the Terms and Conditions” button to proceed with the application.
  7. Click the Disclosure Statement and download or print a copy.
  8. Close the Disclosure Statement page to activate the Submit Pension Loan button. Then click “Submit Pension Loan”.
  9. A notification screen shall be displayed regarding the successful submission of your loan application.
  10. The same notification shall also be sent to your registered email address.

Loan Renewal

The pensioner-borrower shall be allowed to renew the loan only after full payment of the current loan.