Pension Loan:

Pension Loan– is a type of loan where future pension payments of a retiree or pensioner are used as collateral. The pensioner will take a lump sum of cash repayable within a maximum term of one year in exchange for a certain number of his pension payments in the future.

CHARGES AND DEDUCTIONS:

Bank Charge                           :           5.5%

Interest rate                             :          10% p.a. – undiscounted

DOCUMENTARY REQUIREMENTS:

1. Pension ATM Card
2. Application form duly signed by the borrower and co-maker
3. Promissory Note
4. PVAO ID/SSS ID/GSIS ID / Senior Citizen ID of Borrower and any govt. issued IDs
5. 2 Valid IDs of one (1) Co-maker (any of his relatives/friends in his community with reliable source of income, 21-65 yrs old & with barangay captain”s certification of his residency & capacity to pay)
6. Latest 1 pc. 2×2 ID picture of Borrower
7. Latest 3 months Bank Statement of Pension Account
8. Proof of Billing/Barangay Clearance

LOANABLE AMOUNT:

Minimum Amount                   :           P 8,000.00

Maximum Amount                  :           P 50,000.00

Maximum Term                      :           1 year