Many Filipinos take out loans from the Social Security System (SSS) to cover various expenses. These can include medical bills, home renovations, or even debt consolidation.
The SSS Consolidated Loan is a program that allows members to consolidate their outstanding loans from the SSS into one single loan. This has several benefits, chief among them having the penalty fees waived.
If you are an SSS member who has outstanding loans, then you may want to consider applying for the Consolidated Loan Program. In this article, we will discuss everything you need to know about the program, from eligibility requirements to how to apply.
Pursuant to Social Security Commission (SSC) Resolution No. 383-s.2022 dated 08 June 2022 approving the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty, the following Consolidated Loan Program Guidelines are hereby issued:
All past due SSS Short-Term Member Loan (STML) accounts as follows:
Also included in the Program are the other Short-Term Member Loans as may be determined by the SSS.
“Past due” shall mean that the loan has an unpaid obligation consisting of principal, interest, and penalties equivalent to more than three (3) monthly amortizations, or the loan has remaining unpaid balance after its maturity.
Availment of this Program starts on October 4, 2022.
To be eligible, the member-borrower must satisfy all the following requirements:
All outstanding principal and interest of the member-borrower’s past due loan/s shall be combined into one (1) Consolidated Loan.
The unpaid penalties shall be consolidated separately and shall be subject to conditional condonation.
Member shall be allowed to pay in full or installment.
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 (P5,000.00) shall be for One-Time Payment only.
| Consolidated Loan Remaining Balance | Maximum Term |
| Above ₱5,000 to ₱10,000 | 6 months |
| ₱10,001 to ₱18,000 | 12 months |
| ₱18,001 to ₱36,000 | 24 months |
| ₱36,001 to ₱54,000 | 36 months |
| ₱54,001 to ₱72,000 | 48 months |
| More than ₱72,000 | 60 months |
The member may pay earlier than the Maximum Term by choosing a shorter payment term specified by the system or may choose to pay in full at any given time during the installment period.
In the event that the member applies for retirement or total disability benefit claim, or death benefit claim application by his/her beneficiary/ies, any unpaid Consolidated Loan balance, consisting of principal and interest with the applicable amount of penalty condoned, shall be deducted from the benefit proceeds.
Interest Rate
Ten percent (10%) per annum to be charged on a diminishing principal balance and shall be amortized over the approved term of the Consolidated Loan until the account is fully paid.
Penalty
Late payment of the monthly amortization shall be charged a penalty of one percent (1%) per month after its due date until fully paid.
The consolidated penalties shall be condoned as follows:
The balance of the Consolidated Loan should be zero at the end of the term. Otherwise, the Consolidated Loan account shall be deemed a defaulted account. Likewise, the uncondoned portion of the penalty shall be reimposed and shall become due and demandable.
The Consolidated Loan shall be in default in any of the following instances:
The full amount of the defaulted Consolidated Loan, including the uncondoned portion of the penalty, shall become due and demandable and must be paid in full without need for demand or notice.
The member-borrower shall be allowed to re-apply to Consolidated Loan Program to continuously enjoy waiver of penalty, subject to applicable sanction on loan renewal. In case of re-application, the defaulted account shall be closed, and a new Consolidated Loan account shall be setup.
In case of default, the outstanding balance of the Consolidated Loan, composed of unpaid principal and interest, shall be deducted from from any benefit that may now or hereinafter be due to member-borrower or their beneficiaries.
These include short-term benefits (sickness, maternity and partial disability) and final benefit (retirement, total disability or death), as authorized by the SSC.
Any remaining unpaid balance of the defaulted Consolidated Loan shall continue to accrue applicable interest and penalties until fully settled.
Member shall be allowed to avail of a new loan program after three (3) months from the date of full payment of the Consolidated Loan.
Member-borrower with defaulted Consolidated Loan shall be allowed to avail of a new loan program after two (2) years from the date of full payment of the defaulted Consolidated Loan.
Submission of Consolidated Loan Application shall be through the member borrower’s My.SSS account.
Step 1: Go to sss.gov.ph
Step 2: Login to your My.SSS Account with your username and password
Step 3: Once logged in, click E-Services, then Loans, and Apply for Consolidation of Past Due Shorte-Term Member Loan with Condonation of Penalty Program.
For inquiries, members are advised to log on to www.sss.gov.ph or call at 1455 for assistance.
Who are eligible to apply for the SSS Consolidated Loan?
SSS member who has a loan account/s that are past due as of the time of application, has not been granted any final benefit, is active in their My.SSS account, and has not been disqualified due to fraud committed against the SSS.
When is the deadline of this program?
The Consolidated Loan Program with Condonation of Penalty has no deadline. This is a regular program of the SSS.
Paano mag apply sa SSS Consolidated Loan Program?
Sakaling ikaw ay mayroong delinquent/past due loan na hindi nabayaran ay maaaring umayon sa Consolidated Loan Program with Condonation of Penalty. Gamit ang iyong My.SSS Online account pumunta lamang sa E-services > Loans > Apply for Application for Consolidation of Past Due Short Term Member Loan with Condonation of Penalty Program.
Disclaimer: Images taken from SSS Facebook Page. Check the official post of the Philippine Social Security System on their official Facebook page regarding the SSS Consolidated Loan Program.
Read: SSS Condonation Program
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How to know that my appointment of Umid ID was successfuly received to their branch
Natapos na po ba yung SSS UMID ID KO PO. Kasi kailangan na kailangan ko na po kasi para maka pag loan napo ako. Thank you and God bless.
Quarterly po mag hulog ang agncy namin, bakit po yung dec 2022 ay di parin na popost feb2023 na po ngayun. Na dedelay po ba mag post ng contribution ang sss?