SSS President and Chief Executive Officer Aurora C. Ignacio said that the Short-Term Member Loan Penalty Condonation Program (STMLPCP) is part of the Pandemic Relief and Restructuring Programs being offered by SSS.
So if you have availed of a Salary Loan or any type of loan from the previous years, all penalties and interests incurred for not paying your monthly amortization will be waived. Past due shall mean that the loan is delinquent for a period of at least six months as of the first day of the condonation period.
The following type of loans are included in the program:
- Salary Loan
- Calamity Loan
- Salary Loan Early Renewal Program
- Emergency Loan
- Restructured Loans under the Loan Restructuring Program implemented in 2016 and 2019.
This means you will have to settle the total outstanding loan balance in your account in one full payment and not in a staggered form of payment.
To be eligible for this program you have to meet the following criteria:
- Members with short term member loans that are past due for at least six (6) months as of the first day of the condonation availment period;
- Members who have not been granted any final benefit such as permanent total disability or retirement;
- Members who have not been disqualified due to fraud committed against the SSS;
- Members who will file their final benefits application for permanent total disability or retirement, whose contingency date is on or before the last day of the availment period of the condonation program;
- Heirs or beneficiaries of deceased member borrowers who will file the death benefit application, whose contingency date is on or before the last day of the availment period of the condonation program; and
- For member-borrowers who will pay their consolidated loan under installment basis, their age must be under 65 years old at the end of the installment term.
For other loan conditions, you may visit this link https://bit.ly/3GEzwhf.
AVAILMENT PERIOD
You can avail of the condonation program starting November 15, 2021, up to three months from the start of the SSS condonation program.
For full details of eligibility, the following Terms and Conditions shall be applied as per SSS.
ELIGIBILITY
1. All member-borrowers with past-due loans for at least six (6) months as of the first day of the condonation period.
2. Member-borrowers whoA. Are under sixty-five (65) years old at the end of the installment term (for installment payment);
- Have not been granted any final benefit, i.e. permanent total disability or retirement; and
- Have not been disqualified due to fraud committed against the SSS
3. Member-borrowers who will file their final benefits application for permanent total disability or retirement, whose contingency date is on or before the last day of the availment period of the condonation program. Said final benefit claim must be filed within the availment period.
4. Heirs or beneficiaries of deceased member borrowers who will file the death benefit application, whose contingency date is on or before the last day of the availment period of the condonation program. Said death claim must be filed within the availment period.
LOAN AMOUNT
The sum amount of all due and demandable arrears composed of outstanding principal and interest of the member borrowers’ past due loan/s shall be consolidated into one Consolidated Loan.
PAYMENT TERM
One-time Payment — full payment of the Consolidated Loan within thirty (30) calendar days from receipt of the notice of approval of the Penalty Condonation Application in a single payment transaction. No staggered/partial payments are allowed even if the required payment is completed within the 30-day prescribed period.
For the installment payment term you can download the full terms and conditions of the SSS condonation program on this link https://bit.ly/3GEzwhf.
