Makati city: The Social Security System (SSS) and Rizal Commercial Banking Corporation (RCBC) have joined forces to introduce the SSS Loan Lite, a digital micro-loan facility designed to provide qualified members with swift financial support. This initiative was formalized through a memorandum of agreement (MOA) signed on Tuesday.
According to Philippines News Agency, the SSS Loan Lite is powered by RCBC's DiskarTech mobile app and aims to offer accessible, secure, and affordable financial assistance to members in need. The facility allows eligible members to borrow between PHP1,000 and PHP20,000, depending on their average monthly salary credits over the past 12 months and the application program's guidelines.
The loan offers a repayment period ranging from 15 to 90 days, with an interest rate of 8 percent per annum. To qualify, members must have at least 12 months of posted contributions. For the maximum loan amount, members need a total of 36 monthly contributions, with at least six posted within the 12 months leading up to the application. Additionally, borrowers must maintain the maximum monthly salary credit under the regular social security program, excluding Provident Fund contributions.
SSS President and CEO Robert Joseph De Claro highlighted the importance of the program during the MOA signing in Makati City, stating that the economic uncertainties necessitate a quick, accessible, and safe loan facility for members to achieve financial stability. The digital platforms of participating financial institutions, such as RCBC's DiskarTech, will facilitate the loan access.
De Claro emphasized the significance of RCBC's digital capabilities in ensuring a seamless loan process. The participating financial institution will manage the application, credit evaluation, approval, and disbursement processes, adhering to the program's guidelines. Once approved, the loan proceeds will be credited to the borrower's account with the participating financial institution. SSS members with RCBC-issued MySSS cards can have their loan proceeds directly credited to their accounts.
RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva noted the additional support provided by RCBC and SSS, including on-ground help desks at select SSS branches. These help desks aim to assist and onboard unbanked members, ensuring that the digital solution is inclusive and accessible to all SSS members.
