Do you have unpaid, existing SSS loans? Galing ka ba sa lugar na nasalanta ng kalamidad? If you do, apply now for the SSS Loan Restructuring Program (LRP).
This 2016 to 2017 SSS LRP program gives delinquent member-borrowers a chance to regain their good standing with SSS, so that they can enjoy SSS benefits and privileges in the future. For example, borrowers can renew their SSS loan six months after they have fully paid their overdue principal and interest under the LRP.
If you don’t pay your overdue SSS loan, when you retire your retirement benefit will be greatly reduced because the original amount you loan would have ballooned to tens of thousands.
An example demo given by SSS is this:
A P5,000 loan made in 1990 today now amounts to P70,000 to P80,000 because of the interest and penalty fees levied on the loan.
If this is the same case as yours, your retirement benefit will be so small! Avoid this possibility, apply now for loan condonation in SSS if you qualify.
You have the option to pay for your restructured loan in installment or in full, depending on your capacity and preference.
Who qualifies for this loan penalty condonation program of SSS for 2016 to 2017?
These are the eligibility requirement:
- All member borrowers with any of the following past due short-term loans are eligible for this program.
- Calamity Loan
- Salary Loan Early Renewal Program (SLERP)
- Salary Loan
- Emergency Loan
- Educational Loan (old)
- Study Now Pay Later Plan
- Vocational Technical Course Loans
- Y2K Loans
- Investments Incentive Loan
- For past due short term loan except Calamity Loan and SLERP, member must have previously lived or worked in a calamity / disaster stricken areas as declared by NDCC or the National Government.
- In order for you to qualify, your SSS loan must be past due for at least six months as of the first day of restructuring period.
- You must be under 65 years old at the end of the installment term.
Members granted any final benefit claim (Death, Retirement, Disability) prior to the LRP availment period and those who committed fraud against the SSS are disqualified from the program.
SSS LRP: Areas Covered for Natural and Man-made Disasters
The LRP covers calamity loan borrowers in the 1990s following the Mt. Pinatubo eruption and 1990 earthquake.
Members with past due short term loans in declared calamity areas after the onslaught of tropical storms and typhoons, man-made conflicts specifically the following:
- Ondoy in 2009
- Sendong in 2011
- Pedring, Quiel in 2012
- Pablo in 2012
- Labuyo in 2013
- Maring in 2013
- Santi in 2013
- Yolanda in 2013
- Agaton in 2013
- Glenda in 2014
- Mario in 2014
- Ruby in 2014
- Seniang in 2014
- Lando in 2015
- Nona in 2015
- Zamboanga armed conflict in 2013
- Bohol-Cebu earthquake in 2013
Check this post for the LISTED AREAS under CALAMITY for SSS Loan Condonation application.
Covered short-term loan program are as follows:
If SSS grants your application to be part of this loan condonation program, penalty charges will be brought down to zero if you pay diligently according to your restructured loan amortization schedule. You will only need to pay the principal and interest in installment or in full. Laking tulong neto at balik good standing ka na naman sa SSS.
SSS will only process applications beginning today April 28, 2016 to April 27,2017.
How to apply? Visit the SSS branch nearest you and ask about LRP loan application.
Or go for head-start by reading these related posts.
- SSS Restructured Loan Payment Terms, Due Dates and Amortization Schedule
- List of Valid IDs you need to bring to SSS when you apply for the loan restructuring program.
- Application Instructions, Documents to Present, Application Form
Note: If you are approved, you will no longer be allowed to participate in a loan condonation program of SSS in the future.
Don’t waste this opportunity, apply in SSS for the loan restructuring program or LRP if you qualify.
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