The Short Term Member Loan Penalty Condonation Program (STMLPCP), which is a component of the agency's Pandemic Relief and Restructuring Program (PRRP), was announced by the SSS in November 2021. The following short-term loans are covered by the SSS loan condonation program:
Emergency Loan; Salary Loan; Calamity Loan; Salary Loan Early Renewal Program (SLERP); and Restructured Loan in accordance with the Loan Restructuring Program (LRP), which was in place from 2016 to 2019.
Members of the SSS have the chance to consolidate their loans and pay off any outstanding loan obligations by participating in the loan condonation program. The accrued penalties will be excused or forgiven, but the principal and interest will still need to be paid. One-time payments or six-monthly installment plans are available to members. ,'_com-medrectangle-3','ezslot_5',191,'0','0'_('div-gpt-ad-_com-medrectangle-3-0');
You don't need to go to the SSS branch because you can apply for SSS loan condonation online using your computer or mobile phone. You only require an active My. Account SSS. You will be required to pay off your consolidated or restructured loan within the specified payment period, which is 30 days for a one-time payment and six months for an installment, following the successful submission and approval of your loan condonation application.
Starting on September 30, 2022, the SSS loan condonation program will be available.
Table of Contents Who Is Eligible for the SSS Loan Condonation Program? Online Application Step-by-Step Procedure for the SSS Loan Condonation Step 1: Register for Your My. Step 2 of SSS Account: Step 3: Apply for a Loan Penalty Condonation Step 4: Choose Your Favorite Payment Term Step 5: Go Over Your ApplicationConsolidated Loan (One-Time Payment or 50% Downpayment)Restructured Loan (50% Installment)Step 5: Go Over Your Application Your Loan Condonation Application Has Been ApprovedHow to Pay Your SSS Consolidated Loan and Monthly AmortizationsUsing GCash, PayMaya, and the UnionBank Mobile AppFrequently Asked QuestionsFinal ThoughtsWho Is Eligible for the SSS Loan Condonation Program?
The Short Term Member Loan Penalty Condonation Program (STMLPCP) is open to applications from the following SSS members: 300,250],'_com-medrectangle-4','ezslot_6',192,'0','0'_('div-gpt-ad-_com-medrectangle-4-0');
Members who have been in default on their loans for at least six (6) months at the beginning of the condonation period; Members who are under the age of 65 at the end of the installment term (for installment payment); Members who have not been granted any final benefit (such as retirement or permanent total disability); Members who have not been disqualified as a result of fraud against the Social Security Administration; Members who will file their final benefits application for retirement or permanent total disability, whose contingency date is on or before the last day of the During the availment period, the final benefit claim must be filed. and the heirs and beneficiaries of deceased member-borrowers who will submit death benefit applications with a contingency date prior to the end of the loan condonation program's availability period. During the availability period, the death benefit claim must be filed.
Step-by-Step Instructions for the SSS Loan Condonation Online Application All SSS member borrowers must use their My to apply for the loan penalty condonation program on the SSS website. Account SSS. Members who have claims for retirement, death, or disability must apply for loan condonation in person at SSS branches.
Step 1: Register for Your My. SSS Account: Access My. Using your browser, open the SSS member portal and log in to your account. unless you have a My. If you do not yet have a SSS account, read this article to learn how to sign up.
Step 2: After logging in to your My account, you can apply for a loan penalty condonation. SSS account, select ""E-SERVICES,"" and then select ""Apply for Loan Penalty Condonation (STMLPCP/PRRP5)"" from the drop-down menu.
The Short-Term Member Loan Penalty Condonation Programs (STMLPCP) application page will open for you. You can view the details of your consolidated loan as well as your statement of loan balances on this page. 333,280],'_com-box-4','ezslot_7',193,'0','0'_('div-gpt-ad-_com-box-4-0');
Step 3: Choose Your Favorite Payment Term The next step is to choose your preferred payment term. The default payment option is ""One-Time Payment,"" but if you prefer to make monthly payments on your SSS loan, select ""Installment"" from the ""Preferred Term"" drop-down menu.
Only one-time payments are available to SSS members who are 65 or older or will be in the next six months.
A consolidated loan downpayment of fifty percent will be required if you choose to pay in installments. Even if the required payment is made within the stipulated 30-day period, partial or staggered payments of the consolidated loan amount are not permitted. The 50% downpayment requires a single payment.
After the 30-day downpayment period, the remaining 50 percent of the loan or the restructured loan will be due in six equal monthly installments. 300,250],'_com-banner-1','ezslot_9',194,'0','0'_('div-gpt-ad-_com-banner-1-0'); The restructured loan has an annual interest rate of 3% based on a decreasing principal balance over the six-month payment term.
According to SSS Circular No. 1, a consolidated loan amount of up to 5,000 yen will only be eligible for one-time payment. 2022-022.
During the six-month payment term, unpaid amortizations of the restructured loan will be subject to a monthly penalty of one percent.
Step 4: Take the time to look over your SSS loan condonation application, including the payment terms, after you've decided on your payment term. Keep track of the details of your payments, such as the amount owed on the loan, the due date, the terms in days or months, and the loan amount.
Consolidated Loan (One-Time Payment or 50% Downpayment) Loan Amount: The total amount of your loan (or the 50% downpayment if paid in installments). Amount Due: The amount you must pay by the due date. Terms in Days: The amount of time you have to pay off your consolidated loan. The last day or deadline to pay your loan is called the due date. The amount of the loan penalty that will be forgiven or condoned upon completion of the consolidated loan payment is known as the condonable penalty.
The remaining 50% of the restructured loan is the total amount that must be paid back in equal installments. The amount that must be paid each month is the monthly due. Terms in Months: Your restructured loan's payment term in months. The month in which your amortization begins is called the first amortization month. The date you must pay your first monthly amortization is known as the First Amortization Due Date. The deadline for paying off your final monthly amortization is the Last Amortization Due Date. Interest Rate P.A. is the annual (year) interest rate based on a decreasing principal balance. The amount of the loan penalty that will be forgiven or condoned after the restructured loan has been fully paid off is known as the condonable penalty.
You can access the Terms and Conditions and the Promissory Note by clicking the plus (+) icon that corresponds to them. After your application is approved, these documents will also be sent to you via email.336,280],'','ezslot_11',195,'0','0'_('div-gpt-ad--0');
Click ""AGREE"" after reading the Certification and Undertaking section.
The following message will appear in a pop-up: Are you positive that you want to submit this Application for a Short-Term Member Loan Penalty Condonation?”
To continue with your application, click ""SUBMIT."" Your application will not be submitted if you click ""CANCEL"" if you have changed your mind.
Step 5: Congratulations! Your loan condonation application has been approved. Your SSS loan condonation application will be approved right away if everything goes according to plan. After reading the Notice of Approval, select ""CONFIRM."""", ""_com-leader-1,"" ""ezslot_12,"" ""196,"" ""0,"" ""0,"" ""div-gpt-ad-_com-leader-1-0"");
On the main menu bar, click ""PRN – LOANS"" to access your payment reference number (PRN), due amount, and due date. When making payments on your SSS loan through online payment apps like GCash and SSS-accredited payment partners, use your PRN.
The terms and conditions, promissory note, statement of loan balances, and notice of approval for your SSS loan condonation application will also be sent to you via email. Log in to your My account or refer to these documents. SSS account if you have any inquiries regarding your SSS loan condonation application.
How to Make Payments for Your SSS Consolidated Loan and Monthly Amortizations Now that you have been granted approval for SSS loan penalty condonation, it is time to make payments for your consolidated or restructured loan before the due date. The following reputable payment partners are available for short-term loan payments:
Partner Rural BankRizal Commercial Banking Corporation (RCBC)Rural Bank of Lanuza Inc. Bayad CenterCashPinas Mart Inc. Security Bank CorporationSM Union Bank of the Philippines If you want to pay your SSS loan online, you can use an app like GCash or PayMaya or your online banking account. Learn how to pay your SSS loan with the GCash, PayMaya, and UnionBank mobile app using the mini-tutorials below.336,280],'_com-large-mobile-banner-1','ezslot_14',197,'0','0'_('div-gpt-ad-_com-large-mobile-banner-1-0);
How to Use GCash to Pay Your SSS Loan Open the GCash app and log in with your MPIN. On the home screen, tap ""Pay Bills."" Choose ""Government. Choose ""SSS Loans – RTPL,"" and then enter the following payment information: Enter the payment reference number (PRN) in this field. The PRN can be found in My. Account SSS. Number of Account: Enter your Loan Account Number, which can be found in My. Payor Type: Select ""Individual."" SSS account by clicking ""PRN – LOANS."" ""Country"": If you are currently in the Philippines, choose ""Philippines."" Amount: Type in the precise amount you want to pay, including centavos. Keep in mind that all consolidated loans must be paid off at once. Your application will be rejected if you only pay in part. Enter your email address to receive a receipt and confirmation. Click ""NEXT"" to move on. Verify that everything in your payment information is correct. To make your payment, click ""CONFIRM.""
The entire procedure for paying off your SSS loan with GCash can be found in this article.
How to Use PayMaya to Pay Your SSS Loan Open the PayMaya app and enter your password to log in. On the home screen, tap ""Pay Bills."" Choose ""Government. Choose ""SSS Loans – RTPL,"" and then enter the following payment information: No. of Payment Reference – Enter your PRN, which is located in My. SSS mobile app or SSS account Amount: Type in the precise amount you want to pay, including centavos. Payments in part are not permitted. Type of Payment: Select ""Individual. ""Member/Employer Name - Type in your full name. To continue, click ""Continue."" Press ""Pay"" after reviewing your payment information.
How to Use the UnionBank Mobile App to Pay Your SSS Loan Open the UnionBank mobile app and sign in with your password and OTP. Tap ""Pay Bills."" Select Biller by tapping Pick a ""Biller List."" ""Use the ""SOCIAL SECURITY SYSTEM (SSS)"" option."" By tapping the magnifying lens icon in the upper-right corner, you can search for ""SSS."" Please enter your PRN, or payment reference number. The UnionBank app will automatically fill in your payment information, including the amount, when you press ""NEXT."" To finish the payment, go over the information and click the ""PAY"" button.
How will I know if I am eligible for loan forgiveness? Frequently Asked Questions Borrowers who are SSS members and have short-term loans that are past due and have been delinquent for at least six (6) months prior to the beginning of the condonation period are eligible for loan condonation. Simply log in to your My account to see if you qualify for the SSS loan condonation program. SSS account, then select ""Apply for Loan Penalty Condonation (STMLPCP/PRRP5)"" under ""E-SERVICES."" Is it possible for me to pay off a portion of my consolidated loan? No. Whether the consolidation loan has a one-time payment option or a 50% down payment option, all payments must be made in one go. What will happen if I only pay a portion of my consolidated loan? Your loan condonation application will be canceled and no penalty will be accepted for any partial payment for the consolidated loan. However, your oldest outstanding short-term loan will receive priority over the partial payment for the consolidated loan, which will be treated as a regular payment: penalty comes first, interest comes second, and principal comes last. [336,280]'_com-large-mobile-banner-2','ezslot_15',198,'0','0'_('div-gpt-ad-_com-large-mobile-banner-2-0'); Can I reapply for SSS loan forgiveness even though my first application was denied? Yes. You can reapply for loan condonation as long as it is submitted before the end of the condonation period if you were unable to pay the full amount of your consolidated loan or the 50% downpayment (for installment term). What would happen if I couldn't pay off my consolidated loan by the due date? Your loan condonation application will be canceled if you were unable to pay off your consolidated loan in full by the due date. On the other hand, you can still reapply for loan condonation as long as you do so before the condonation period ends. What would happen if I couldn't make my monthly payment on time? During the six-month payment term, you will be subject to a 1% monthly penalty if you were unable to pay your restructured loan installment on time. What if I couldn't pay off my restructured loan in full? Under Restructured Loan 2 (RL2), the unpaid principal and the proportionate balance of the condonable penalty will become part of the new principal if you fail to pay the full amount of your restructured loan (50 percent installment) by the end of the payment term. The entire amount of RL2, including any accrued interest, will be due and payable right away. Where can I locate my payment reference number, also known as a PRN? Logging into your My account will allow you to access your payment reference number (PRN). SSS account and going to the main menu bar and selecting ""PRN – LOANS."" When making payments on your loan through online payment apps and accredited payment partners, use the PRN.580,400],'_com-leader-2','ezslot_16',199,'0','0'_('div-gpt-ad-_com-leader-2-0'); When will my payment be posted to my account or credited? Through the Real-Time Processing of Loans (RTPL), SSS loan payments are posted in real time, so you can anticipate an immediate credit to your account. Your questions should be directed to the specific payment partner because the payment partner typically bears responsibility for any delays in posting. My loan has been paid in full. When can I submit a new loan application? After a month has passed since the day you paid off your consolidated or restructured loan in full, you can get another short-term member loan from the SSS, like a salary loan.
Final thoughts: The SSS loan condonation program is a welcome development that gives every SSS member the chance to pay off their loans on good terms and without incurring penalties. Now is a great time to apply for loan condonation and take advantage of the opportunity to pay off your SSS loan in simple and affordable monthly installments if you have not paid it off for a significant amount of time and have accrued a significant penalty.
You can contact the SSS hotline at 1455 or send an email to email@example.com or firstname.lastname@example.org if you have any questions or concerns about the SSS loan penalty condonation program.
Tags: System of Social Security (SSS)" - https://www.affordablecebu.com/