SSS Conso Loan Program – How To Apply For SSS Conso Loan

The SSS Conso Loan Program, officially known as the Consolidation of Past Due Short-Term Member Loans with Condonation of Penalty, is a financial relief initiative by the Philippine Social Security System (SSS). Launched on October 4, 2022, this program aims to assist members with overdue short-term loans by consolidating their outstanding balances and waiving accumulated penalties upon full repayment.

This article provides a detailed guide on the SSS Conso Loan Program, including its eligibility criteria, application process, benefits, loan terms, and repayment options. If you’re an SSS member looking for financial relief, read on to understand how this program can help you.

The SSS Conso Loan Program (Social Security System Consolidated Loan Program) is a financial assistance program designed for SSS members who have existing short-term loans, such as salary loans, calamity loans, emergency loans, or other member loans. This program allows members to consolidate multiple unpaid loans into a single loan with manageable repayment terms and lower interest rates.

Benefits of the SSS Conso Loan

• After full payment, all penalties will be waived or condoned
• Repayment terms extended
• There is no service fee
• The application process is easy
• SSS status restored to good standing

Read also: SSS Pension Loan – SSS Pension Loan Online Application

A member is eligible for the program if he or she meets the following criteria:

• Past-Due Short-Term Loans: The member should have outstanding short-term loans, such as Salary Loans (including the Salary Loan Early Renewal Program or SLERP), Calamity Loans, Emergency Loans, or Restructured Loans.
• Active My.SSS Account: An active My.SSS account is required to facilitate the online application process.
• No Final Benefits Granted: Members who have not been granted any final benefits, such as permanent total disability or retirement, are eligible.
• No Fraudulent Records: Members should not have been disqualified due to fraudulent activities against the SSS.

All member-borrowers possessing past due SSS Short-Term Member Loan accounts (STMLs) at the time of filing an application for SSS Consolidated Loans (SSS CONSO LOANS) are eligible for a SSS Consolidated Loan. The following STML loans are covered:

The Salary Loan Program, including the Salary Loan Early Renewal Program (SLERP)

• Calamity Loan
• Emergency Loan
• Restructured Loan

Note: Other STMLs may also be included if determined by the SSS.

Generally, the term “past due” refers to a loan that is past due as it has unpaid principal, interest, and penalties equal to more than three (3) monthly amortizations, or there is an unpaid balance remaining after maturity.

Additional Requirements

• A member-borrower who has not received any final benefits, such as permanent total disability or retirement benefits.
• All member-borrowers who have not been disqualified due to fraud committed against the Social Security System.
• A member-borrower with an active My.SSS account.

The member-borrower’s outstanding principal and interest on past due loans shall be combined into one (1) SSS CONSO LOAN. If penalties remain unpaid, they will be consolidated separately and will be subject to conditional condonation.

When a member-borrower has a defaulted SSS CONSO LOAN account, it is considered in default when:

• Failing to pay the agreed one-time payment or down payment in full within the agreed upon time period.
• The failure to pay their obligation equivalent to more than six (6) accumulated monthly amortizations.
• Failure to pay in full the installment plan within the time period approved.
• You have committed any fraudulent acts against SSS or violated any of its regulations and guidelines.

• The full amount of the defaulted SSS CONSO LOAN, including the uncondoned portion of the penalty shall become due and demandable. It must be paid in full without demand or notice.
• The outstanding balance of the SSS CONSO LOAN, which includes unpaid principal and interest, will be deducted from any benefits due to the borrower or his or her beneficiaries in case of default. The SSC authorizes short-term benefits (illness, maternity, partial disability, and retirement) as well as final benefits (total disability, death, and retirement).
• Any remaining unpaid balance shall continue to accrue interests and penalties until fully settled.
• The member-borrower of a defaulted SSS CONSO LOAN may re-apply for the program in order to continually enjoy the waiver of penalties, subject to the applicable sanction. If a reapplication is made, the defaulted account will be closed and a new SSS CONSO LOAN account will be opened.

Applying for the SSS Conso Loan Program is streamlined for member convenience:

• Verify Eligibility: Make sure your loan qualifies for the program.
• Secure an Active My.SSS Account: You must register or log in to your My.SSS account.
• Apply Online: Follow the link to the loan restructuring section and apply.
• Select Payment Option: Select between a one-time payment or an installment plan.
• Submit Application: Read and agree to the terms and conditions, then submit the application.
• Make Payments: Choose a payment option and follow through with it.
• Complete the Process: Make sure the full payment is made within the stipulated period to benefit from penalty condonation.

The application for SSS CONSO LOAN shall be submitted through the member-borrower’s My.SSS account. All information In below the Document.

Paying your SSS Conso loan can be done through several channels, such as SSS-accredited banks, non-bank collection partners (such as Bayad Centers and SM Marts), and online platforms such as MYEG and the SSS Mobile App.

Read also: How To Pay SSS Loan Online

If the SSS CONSO LOAN is paid in one-time or installments, the condonation of consolidated penalties will be determined accordingly:

One-time Payment Term

• The SSS CONSO LOAN must be repaid in full within 30 calendar days of receiving the notice of approval.
• If the SSS CONSO LOAN is fully repaid within 30 calendar days, 100% of the consolidated penalty shall be waived.
• A SSS CONSO LOAN amount up to P5,000 may only be repaid by one-time payments.

Installment Plan

A down payment of at least 10% of the total consolidated amount must be made within 30 days from the date of receipt of approval of the SSS CONSO LOAN application. Nevertheless, a higher percentage can be opted for as down payment.

The remaining balance shall be amortized on a monthly basis in accordance with the loan range below:

Consolidated Loan (SSS CONSO LOAN) Remaining Balance	Maximum Term
Above P5,000 to P10,000	6 months
P10,001 to P18,000	12 months
P18,001 to P36,000	24 months
P36,001 to P54,000	36 months
P54,001 to P72,000	48 months
More than P72,000	60 months

• The member-borrower can choose a payment term shorter than the above or they can choose to pay in full at any time during the installment period, allowing them to choose a shorter term.
• Following are the conditions for condoning the consolidated penalty:
• A penalty equivalent to the down payment percentage will be forgiven upon the payment of the required down payment within 30 calendar days.
• The remainder of the penalty shall be fully condoned upon full repayment of the outstanding SSS CONSO LOAN within the approved terms and conditions.
• The SSS CONSO LOAN balance should equal zero (0) at the end of the repayment period. Otherwise, the account will be considered in default. As a result, the uncondoned portion of the penalty shall be reimposed and become due and payable.
• Whenever a member-borrower applies for a retirement or total disability benefit claim, or if their beneficiaries apply for a death benefit claim, any unpaid SSS CONSO LOAN balance is deducted from the benefit proceeds, including principal and interest along with an uncondoned penalty.

Here are the interest and penalty rates for the SSS CONSO LOAN under the Installment Plan:

Interest Rate	10% PER ANNUM The payment is to be made on a diminishing principal balance, with amortization over the approved term until the balance is fully repaid.
Penalty	1% PER MONTH The monthly amortization is late until it is fully paid after the due date

It will be possible for a member-borrower to apply for a new loan after three (3) months following full repayment of the SSS CONSO LOAN.

If they have defaulted on the SSS CONSO LOAN, however, they will only be able to avail of a new loan program after two (2) years from the date of full payment of their defaulted SSS CONSO LOAN.

Read also: SSS Salary Loan – Eligibility And Online Application

SSS Introduces a Consolidated Loan Program to Help Members Resolve Overdue Loans

The Social Security System recently introduced the Consolidated Loan Program to provide members with past-due short-term debts with an affordable payment plan. With this program, penalties incurred on unsettled loans will be waived, making repayment easier. A member is able to make a one-time, installment, or bank transfer payment through the SSS online portal, which accepts GCash, Maya, and bank transfers.

SSS Offers a Loan Penalty Condonation Program for Unpaid Loan Members

The Social Security System is encouraging members with unpaid short-term loans to utilize its penalty condonation program. With the Consolidation of Past Due Short Term Member Loans with Condonation of Penalty (Conso Loan), members may be able to regain their good credit standing with the pension fund. The program allows for the consolidation of past-due debts and waives the penalties upon full repayment of the consolidated loan.

SSS CONSO LOAN PROGRAM: No penalties for past-due loans

With this exclusive program, individuals can now apply for the SSS CONSO LOAN PROGRAM and settle their past-due loans without incurring any penalties. Don’t miss out on this opportunity to relieve your financial burden and regain control over your finances.

What is the SSS loan for debt consolidation?

Ans: There is a solution through SSS Conso Loans. Using this program, qualified members are able to consolidate their past due STML balance, including penalties, and repay it over a period of time that is convenient to them. Taking advantage of the SSS Conso Loan allows you to avoid further penalties and ensures a smooth transition into retirement.

What are the payment options for SSS condonation?

Ans: SSS Online Payment Service supports a variety of payment methods including E-Wallets such as GCash, Maya, PalawanPay, ShopeePay, and GrabPay, Credit/Debit Cards, Bank Transfers from trusted banks like BDO, BPI, Metrobank, Maybank, as well as cash transfers from trusted stores such as 7-Eleven, Cebuana Lhuillier, Bayad Center, and Palawan Express.

Can I pay my loan using GCash?

Ans: The Bukas App supports GCash payments

Choose “Pay loan via GCash app” from the list of payment options. It is your choice whether to pay the full amount due or to set the amount yourself. The GCash app will redirect you to the GCash portal. Your mobile number and OTP code, as well as your GCash PIN, are needed to log in.

The SSS Conso Loan Program serves as a vital tool for members struggling with overdue short-term loans. By consolidating debts and offering penalty condonation, it provides a manageable path to financial relief and reinstatement of good standing with the SSS. Members are encouraged to utilize this program to effectively address their loan obligations and secure their financial future.