SSS Pension Loan Program | Application Form and Details

The SSS Pension Loan program, popularly known as PLP is a great source of financial support for retirees based in the Philippines. The aim of the program is to provide retired SSS members accessible loans, so they can fulfill their immediate financial needs, including emergencies, medical expenses, and more.

If you are interested in knowing more about the program’s eligibility, interest rate, repayment, and application, keep reading.

SSS Pension Loan Requirements

To apply for the Social Security System pension loan, you must fulfill the following eligibility criteria.

• You must be 80 years of age or below at the time of application (specifically at the end of the month of the loan term).
• You must have no deductions from the monthly pension. It includes the outstanding loan balance, benefit overpayment, or any other dedication payable to SSS.
• You must have no existing advance pension under the Social Security System calamity assistance package.
• You must be receiving a regular monthly pension for at least one month. Simply put, your pension status should be active.

Please note that SSS retirement pensioners who come under the Portability Law (care and custody of the guardian) are excluded from the pension loan program.

Loanable Amount, Interest Rate, and Repayment Terms

The SSS pension loan amount is usually based on the monthly pension plus the PHP 1000 benefits. The pensioner-borrower may opt for the following loan amount, however, this amount should be less than the maximum limit, which is PHP 32,000 in this case.

Loanable Amount	Repayment Terms
2 x (Basic Monthly Pension + 1K Additional Benefits)	3 months
4 x (Basic Monthly Pension + 1K Additional Benefits)	6 months
6 x (Basic Monthly Pension + 1K Additional Benefits)	12 months

The interest rate of the SSS pension loan program is 10% per annum, which is 0.83% per month. Please note that the interest rate is computed on the reduced principal balance until it is fully paid by the pensioner-borrower.

How to Apply for the SSS Pension Loan?

Applying for the SSS pension loan is pretty straightforward. Here is how you can do it.

• First, go to the My.SSS portal and register for an account. Book an appointment at your nearest SSS service center or local branch.
• Once there, communicate that you are here for the SSS pension loan application. They will ask you to provide the original documents mentioned below and their photocopies (to be submitted at the office) along with the application form.
• Next, they will ask you to wait for them as they do the eligibility check. An SSS counter personnel will check your eligibility to avail of the SSS pension loan.
• Once they are satisfied, you will be asked to pick a loan amount and discuss the repayment term applied to the original amount.
• They will draft a proposal after careful consideration. Review the pensioner-borrower information and loan details provided by the counter personnel.
• Finally, you will receive a cash card or quick card (from your desired bank or UMID card). You will also be asked to sign the following documents, pension loan application and disclosure statement and photocopy of valid IDs submitted.
• The SSS counter personnel will also give you the supplement info sheet. Fill it out and read the terms and conditions of the bank you have chosen for the release of the loan amount.
• Within five working days of the application approval, you will receive a text containing information about the loan amount. You may use your cash card or UMID card to process payments.

If you are a retirement pensioner who is based abroad and want to apply for a pension loan, you may submit the following documents at your nearest SSS foreign representative office.

Documents Required for the SSS Pension Loan

Here is a list of documents you must provide to complete the SSS pension loan application.

• Your Social Security ID number, also known as SS ID.
• Your UMID or Unified Multi-Purpose Identification document.
• Your Allen certificate of registration, authorized by the Bureau of Immigration.
• Your LTO driver’s license.
• NBI clearance.
• Your state-authorized passport.
• Your PNP permit to carry firearms outside of residence.
• Your PNP firearm registration.
• Marina Seafrarer’s identification and record book, popularly known as Seaman’s Book.
• Comelec Voter’s ID card.
• Two valid state-authorized ID cards or documents. Both should be duly signed with at least one photograph.

SSS Pension Loan Program Application Form

In addition to the documents mentioned above, you are also required to submit the SSS pension loan program. You can get it from your nearest SSS office. It usually requires your personal, financial, and retirement information needed to make a decision on the loan.

SSS Pension Loan How Many Days?

Well, it all depends on your application. The pension loan may be processed on the same day as your application. That said, the loan amount is usually credited to your cash card or UMID card within five days from the approval of your loan application.

In conclusion, if you are a retiree living in the Philippines and need financial assistance to cover your immediate needs, apply for an SSS pension loan. The best part about the loan is its affordable interest rate and flexible repayment terms. I hope this guide was helpful for those planning to apply for the program.