TARLAC CITY — Pensioners and senior citizens can no longer fall for loan institutions that offer steep interest rates as the Social Security System (SSS) continues to offer the Pension Loan Program.
In a radio interview, SSS Luzon Central Division 1 Senior Communications Analyst Maureen Inocencio said the loan program was launched for the benefit of more than 1.3 million retiree pensioners.
“In the previous years, we studied and saw that a lot of our retired pensioners and senior citizens are borrowing financial benefits because of poverty that’s why SSS rolled out this program to put an end to the growing incidence of pensioners falling victims to loan institutions that offer high interest rates and to help them with their short-term needs and medical expenses,” she explained.
“For pilot implementation in September 2018, the loan program was offered in 20 branches serving the highest number of retiree pensioners but now, this program is already nationwide. Retired pensioners and senior citizens can avail this program in any branch,” she added.
Eligible applicants who can avail are the retiree pensioners who are 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.
Also, have no advance pension under the SSS Calamity Package, and have been receiving their regular monthly pensions for at least six months.
“The minimum loan amount is twice the amount equivalent to their basic monthly pension and the additional PhP1,000 benefit while the maximum is six times their basic monthly pension plus the additional PhP1,000 benefit, not exceeding PhP32,000,” Inocencio emphasized.
“The pensioner or borrower needs to apply for the loan program personally at any SSS branch and bring his or her Social Security Card or Unified Multi-Purpose Identification Card, accomplished application form, or any two valid identification cards both with signature and at least one photo,” she furthered.
The loan program offers 10 percent interest rate per year and shall be payable within 24 months.