The SSS Pension Loan Program (PLP) became effective in September 2020, enabling qualified pensioners to renew their loans under the SSS Pension Loan Program (PLP) online using their My.SSS account if they wish.
Here are the steps you need to take:
What Are the Qualifications for Applying for a PLP Loan Online?
You are eligible to apply for a loan online if you are a retiree pensioner and you meet the following criteria:
- It is under 85 by the end of the last month of the loan term. He will not be over that age by the end of the loan term.
- No deductions are made from the monthly pension (such as outstanding balances from other loans)
- No previous SSS Calamity Package pensions
- Has received regular assistance for at least a month and is “Active.”
Two kinds of retiree-pensioners are not eligible for the PLP: retiree-pensioners who the Portability Law covers and those under guardianship.
You will also need to have a verified My.SSS account that you created with the mobile number associated with your active account.
What is the importance of My.SSS?
Registration is essential. The registration can prevent identity theft and ensure information security. Individual members must provide their preferred user ID and password upon successful registration, activate their account, and provide their chosen password. The initial password generated by the system will be emailed to the employer after successful enrollment, but they must designate their user ID during registration.
Who is eligible to register at My.SSS?
- A regular employer
- Employed individuals whose employers have reported them to the SSS for coverage, self-employed individuals, nonworking spouses, overseas Filipino workers (OFWs), and other voluntary members.
- A household employer
- Homeworkers/employees
What Are the Steps to Apply for an SSS PLP Loan?
- Sign in to your My.SSS account by clicking here.
- Choose the Apply for Pension Loan option under the E-Services tab.
- Depending on your preference, you can choose the amount of the loan and the related terms.
- By submitting your application, you acknowledge the program’s terms and conditions.
- The Disclosure Statement can be downloaded by clicking here.
Your loan application will be confirmed by email once it has been submitted. The pension loan may also take up to five days to appear in your disbursement account, depending on when it was processed.
What maximum amount can be applied for through an SSS Pension Loan?
A possibility of receiving as much as 12 times your basic monthly pension on top of a ₱1,000 additional benefit. However, the amount must not be more than ₱200,000 to qualify.
The repayment term of this loan can be as long as 24 months. As soon as the period has begun, the first monthly installment will be due on the second of the month.
