As individuals approach retirement age or transition into pensioner status, financial needs may arise that require additional support. Many financial institutions recognize this and offer specialized loan programs tailored to pensioners’ unique circumstances. One such program is the Pensioners Loan (PL), designed to provide financial assistance to eligible pensioners.
The PL caters to specific categories of eligible borrowers, namely regular member and associate-golden hearts and Member-In-Good-Standing (MIGS), individuals receiving a regular monthly pension, retired employees receiving installment-based retirement, and spouses of a pensioner with a Deed of Assignment (ATM)
Additionally, interest rates for the PL are competitive and designed to be affordable for pensioners, with two (2%) per month diminishing. A service fee of 1.5% of the approved loan amount is charged to cover administrative costs associated with processing the loan.
The PL also offers varying loan amounts based on the age of the borrower. Up to 69 years old, borrowers in this age group can avail themselves of loans up to ₱300,000.00 (with LPP—Life Pension Program). Borrowers aged up to 80 can access loans up to ₱100,000.00 (with LPP). And 81 years old and over can apply for loans up to ₱ 50,000.00 (without LPP).
It’s important to note that the Life Pension Program (LPP) enhances the loan amount available to pensioners, providing greater financial flexibility for those within eligible age brackets.
The Pensioners Loan (PL) is a valuable resource for pensioners seeking financial support during their retirement years. With accessible eligibility criteria, competitive interest rates, reasonable service fees, and tailored loan amounts based on age and participation in the Life Pension Program (LPP), the PL aims to meet the diverse financial needs of pensioners. Al Gee Omega C. Bula