The government run agency, Social Security System is now offering another round of Loan Restructuring Program starting April 2 until October 1, 2018.
This is in response to the clamor of SSS members with overdue loans and who were not able to avail of the previous Loan Restructuring last April 2017.
According to SSS President and Chief Executive Emmanuel F. Dooc, their office are expecting an increase in the contribution from the present 11 percent to 14 percent contribution rate hike on the second half of the year.
“The re-implementation of the loan restructuring program that condones penalties of borrowers with past due loan is a welcome idea by members who failed to apply before and clear their outstanding loan balance to regain good standing with SSS”, Dooc said.
The program offers their members to settle their overdue loan principal and interest in full or by installment under a restructured depending on an individual capacity to pay.
The said scheme provides that SSS shall waive all the Loan Penalties after the member has completed paying the restructured loan.
Who can avail of the SSS Loan Restructuring Program?
- Member-Borrower with past due loans like Salary Loan, Emergency Loan, Old Educational Loan, Study Now-Pay Later Plan, Voc-Tech Loans, Y2K Loans as well as Investment Incentive Loans.
- Members who are affected with calamities such as Mayon Volcano Eruption or the Marawi seige
- Loans that are at least past due for six months as of April 2, 2018
What are the benefits?
- Restructured SSS program provides a more affordable amortization with a lowest rate of 3 percent.
- Penalties will be condoned upon full payment of the Principal and Interest
- Members are allowed for a loan renewal after six (6) months
The said restructuring program proved to be beneficial to the member-borrower since they will be back in a “good credit standing” and enjoy loan privileges again. They also have no worries that they can not enjoy their final benefit claim upon retirement time.
SSS member-borrower should further remember that Loan Restructuring and Condonation Program can be availed only once and members can not enjoy it for another time.
The office of the Social Security System is expecting to generate about P1.2 Billion from the 250,000 and delinquent member- borrower in the next six (6) months.
If you need further information of the said SSS program, you may visit your nearest SSS office for more clarification or log on to their website: www.sss.gov.ph.
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