In a news by rappler.com, it is announced that the SSS loan for Yolanda victims will be extended to those who have been affected by the typhoon recently that killed thousands of Filipinos, injured hundreds more and rendered thousands more homeless and without food to eat. The “preferential loans and advanced pension payments from the retirement fund of private-sector employees” will be offered to calamity stricken areas which will not be part of the calamity loan offer by the Social Security System. (full photo credits: www.smashpipe.com)
Mechanics of the SSS Emergency Loan (original source: rappler.com) (link to the news above)
- Salary loans – for members; applications must be filed within 6 months
- Advance pensions worth 3 months maximum – for pensioners for retirement, disability or survivorship; applications must be filed within 6 months
- House Repair and Improvement Loans – for members; annual interest lowered to 6%; applications must be filed within 1 year
- Salary Loan Early Renewal Program (SLERP) – existing borrowers with sanctions after applying for the SSS Loan Penalty Condonation Program; application must be filed on or before April 30, 2014
Alongside with the scheme, the GSIS will not be left in trying to help typhoon Yolanda victims as they too offer their own version of the SSS member loan.
Mechanics of GSIS Emergency Loan (original source: rappler.com) (linked above)
- Emergency loans – for members; worth P20,000; applications must be filed until Dec 31, 2013 in GSIS branch offices and through the GWAPS kiosks
- Pension emergency loan – for pensioners; loan terms similar to emergency loan for active members
In another report by InquirerNews, it is revealed that SSS pensioners loan may be availed by qualified members with up to 3 months advance pension amount. Waiving of the processing fee for the loans are also given to those who willapply for the house repair option.
Also members who have already availed of the salary loan may qualify to apply again as part of the aid to help the typhoon victims recover. a 6-month allowance for the application will also be given to the borrowers in affected areas.
Who May Qualify? (original source: Inquirer.Net) (linked in the article above)
- A member with at least 36 monthly contributions may apply for a maximum salary loan of P30,000.
- A member with at least 72 monthly contributions may apply for a maximum loan equivalent to twice his monthly salary credit.