PVAO Pension Loan

ELIGIBILITY:

All pensioners are eligible for the loan program:

• AFPSLAI receives their regular monthly PVAO old age pension from;
• who are CRI-coverable; 
• If a loan was already in place when the PVAO Pension Loan was requested, it should be in good standing.

LOANABLE AMOUNT

• For veterans over the age of 70 and surviving spouses of deceased veterans over the age of 70, the basis in the loanable amount shall be the amount of the old age pension plus the total administrative disability pension, but not to exceed the SBL.
• The smallest loanable sum is ₱25,000.
• subject to a ₱650 minimum net take-home pay requirement (combined old age pension and total disability pension)

REQUIREMENTS:

• PVAO Pension ID
• CENOMAR (as may be applicable)
• SD-012 Passbook
• Deed of Assignment

INSTRUCTIONS:

Your monthly amortization may be found by:

• Enter the loan amount you desire.
• Choose the length of time you want your loan to be amortized.
• To find out your monthly amortization, click “COMPUTE,” and to clear entries, click “RESET.”

To find out how much credit you qualify for:

• Enter the monthly amortization you desire.
• Choose the length of time you want your loan to be amortized.
• To calculate your loan amount or to clear entries, click “COMPUTE” or “RESET.”

Please be aware that the above calculation is only indicative. For precise information, contact us or come to the AFPSLAI branch that is closest to you.

Procedures

At the Branch Office, submit an application

• The borrower provides LAF and specifications.
• The loan specialist moves on with the processing of the loan (new or renewal) if the provided papers meet all the requirements.
• After the loan has been approved, the borrower goes to the releasing or telling section to arrange for the release of the loan funds into cash, a savings deposit account (SD-02), or a remittance facility.
• The loan funds are given to the borrower.
• The loan Release is signed by the borrower.

Web-based application

• Visit the AFPSLAI website as the borrower and choose the e-Application tab before selecting the e-Loan Application.
• The borrower submits the online application and receives a reference number.
• The resulting form is printed and saved by the borrower.
• The borrower goes to the branch office of their choice to turn in the completed loan application and necessary documents.
• The loan is processed by a lending specialist.
• After the loan has been approved, the borrower goes to the releasing or telling section to arrange for the release of the loan funds into cash, a savings deposit account (SD-02), or a remittance facility.
• The loan funds are given to the borrower.
• The loan Release is signed by the borrower.

FAQs:

I am a former member of the PNP. Can I create an account for a pension?

Since all PNP pensions are now distributed through ATMs, we no longer provide our Pension Account for PNP pensioners.

Why didn’t my deposit receive a dividend each year?

Based on the Capital Contribution Account’s lowest quarterly balance (LQB), AFPSLAI calculates dividends (CCA). As a result, only deposits made prior to, during, or after the placement period as well as dividends received during the quarter will be taken into account for calculating dividends. This is given that all of the aforementioned deposits do not exceed the restrictions imposed by the Association. Since only the lowest amount for the quarter will be taken into account, withdrawals made throughout the quarter may also have an impact on how the dividend is calculated.

When may I withdraw my monthly capital contribution from AFPSLAI given that deductions from my pay are done on the fifteenth of each month?

You can only withdraw capital contribution deductions when the Finance Center sends them and AFPSLAI posts them to your account.

Can I deposit money into my pension account?

No, a pension account is solely meant to be used for pension payments.

Is the Philippine Deposit Insurance Corporation (PDIC) responsible for insuring my deposit accounts?

No, AFPSLAI is a financial institution that is not a bank. As a result, PDIC does not cover its deposits.

Can I have a co-depositor who is not a member of AFPSLAI?

No, co-depositors must be AFPSLAI members.

an additional deposit made on my behalf?

Yes, while making a deposit, your lawfully authorized representative may have access to your passbook. You are regarded and presumed to be aware of such deposit transactions.

Can a representative enter the sum or date on the withdrawal slip as the account holder has authorized it?

Yes, provided that the authorized representative’s name and the account holder’s signature are both visible in the place designated on the withdrawal slip. During the transaction, the authorized representative must also have the account holder’s AFPSLAI ID in their hands.