Due to the pandemic, many Filipinos lost their job which makes them unable to pay their loans. Good thing, SSS opens a loan restructuring program to its members. It will be a great help to every SSS member who has a loan. They will be able to pay their loan with a repayment term that they prefer. If you’re interested in the SSS loan restructuring program, this might help you.
SSS Loan Restructuring Program
What is SSS Loan Restructuring Program?
The SSS Loan Restructuring Program (LRP) is a program that allows Filipinos with unpaid SSS loans to settle their outstanding balance under a restructured repayment term. This is an option when a member faces financial distress. A member can negotiate and revise the loan terms and reduce the chances of any payment default. As long as the borrower and the lender will both agree to the revised loan term.
What Loans can be Under the SSS Loan Restructuring Program?
- Salary Loan
- Calamity Loan
- Emergency Loan
Who are Eligible to Apply?
- Members who are:
- Under 65 years old
- No final benefits such as permanent total disability and retirement etc.
- Does not committed any fraud against the SSS
- All members borrowers with past due loans for at least 6 months
- Borrowers who have filed final permanent total disability or retirement whose contingency date is on or before the last day of the availment period of the condonation period.
- Beneficiaries of a deceased member who have filed the death benefit application
A member who borrowed can pay a one-time payment. They can pay the loan within 30 days from receipt of the notice of approval of the penalty condonation application. The must complete the payment within the 30-day period it should be a single payment transaction.
The borrower needs to pay a 50% downpayment if they choose the installment payment option. It should be paid within 30 days from receipt of the notice of approval of the penalty condonation application. The must complete the payment within the 30-day prescribed period it should be a single payment transaction. The remaining 50% balance will be under the restructured program. They can pay it within 6 months. However, the amount must be the same monthly until they paid it fully.
How much is the Interest Rate?
For the installment term, the borrower is subjected to pay a 3% rate per annum. The amount will depend on the computed principal balance over the 6 months payment term.
How to Apply?
A member who wants to avail the SSS Loan Restructuring Program, can apply online using My.SSS online account. If you are qualified, you will be able to apply but if you’re one of the following you need to visit SSS office personally:
- Mine workers
- Incapacitated retiree subject for representative payee
- With dependents
- Racehorse Jockeys
For more information and inquiries, you may contact SSS through this customer service hotline (02) 8920 6446 or email them at firstname.lastname@example.org