Attention to all SSS borrowers! Have your past SSS short-termn loans piled up? Having trouble paying off the accrued penalties? Missed the past SSS Loan Penalty Condonation Program?
The Social Security System (SSS) will give you one more chance to settle all your loans and have the penalties condoned starting today, October 4, 2022 with the SSS Conso Loan or Consolidated Loan Program with Condonation of Penalty. Take advantage of the SSS Conso Loan and avail it now!
What is the Coverage of the Program?
All past due SSS Short-Term Member Loan (STML) account/s as follows:
- Salary Loan including Salary Loan Early Renewal Program (SLERP)
Note: Educational Loan is excempted.
What are the Eligibility Requirements?
To be eligible the member-borrower must satisfy all of the following requirements:
- With loan account/s that is/are past due at the time of the Consolidated Loan Application;
Has not been granted any final benefit, i.e. permanent total disability or retirement;
Has not been disqualified due to fraud committed against the SSS; and
With active my SSS account.
What is the Consolidated Loan Amount?
As per the Circular, all outstanding principal and interest of the member-borrower’s past due loan/s shall be combined into (1) Consolidated Loan.
The unpaid Penalties shall be consolidated separately and shall be subject to conditional condonation.
What are the payment terms?
Member shall be allowed to pay in full or installment.
1. One-time Payment
Full payment of the Consolidated Loan within thirty (30) calendar days from receipt of the notice of approval of the Consolidated Loan Program application.
Consolidated Loan amount of up to Five Thousand Pesos (P 5,000) shall be for One-Time Payment only.
- Installment Plan
2.a. Downpayment of at least ten percent (10%) of the Consolidated Loan amount within thirty (30) calendar days from receipt of the notice of approval of the Consolidated Loan Program application. However, a higher percentage of the Consolidated Loan may be elected as downpayment.
2.b. The remaining balance shall be payable in equal monthly amortization based on loan range below:
The Consolidated Loan Remaining Balance and Maximum Term are as follow:
- Above P5,000 to P10,000- 6months
- P10,000 to P18,000- 12months
- P18,001 to P36,000- 24 months
- P36,001 to P54,000- 36 months
- P54,001 to P72,000- 48 months
- More than P72,000- 60 months
For more details regarding this SSS Conso Loan, you may check Circular No. 2022-022 issued by SSS.
To login or register to your MY.SSS account, you may do so by clicking through this link https://member.sss.gov.ph/.
Source: Social Security System