Simple Guide on How To Apply For SSS Salary Loan
SSS SALARY LOAN – Here is a simple guide on how to apply for a salary loan to the Social Security System or SSS.
Many of the members of the Philippine workforce are part of the Social Security System or SSS. Usually, it is the private employees and self-employed individuals who are members of the government-owned corporation.
The SSS is an insurance-company wherein members can make a monthly remit for entitlement of future benefits like pension, death claims, salary loan, and others.
Undeniably, one of the functions of the government-owned corporation that are availed by many of its members is the SSS Salary Loan. Members of SSS can apply for a salary loan in the midst of poverty under certain conditions.
The SSS Salary Loan offers a short-term credit with a 10% interest rate annually. Both local and overseas Filipino workers who are part of the SSS can avail it.
It could either be a one-month worth of salary or two months depending on the qualification of the member applying for a loan.
A member applying for a Salary Loan must have made a total of 36 months of contribution to the government-owned corporation. He or she must have also paid 6 months of contribution in the last 12 months.
The following requirements must be complied in applying for an SSS Salary Loan:
- Member Loan Application Form
- SSS Form ISL-101
- 2 Valid Photo IDs
- SSS ID or E-6
To process for an SSS ID, visit SSS ID REQUIREMENTS: What To Prepare To Get An SSS ID
With regards to applying for two months worth of salary loan to SSS, a member should have made at least 72 months of contributions. In the last 12 months, he or she must have contributed for six months.
If you already have the requirements, you may proceed to any branch of the SSS and submit your application. The processing may take two to three weeks before the result would be out.
In case your application is approved, your cheque would be sent to your employer (if you are an employee) or you will be asked to claim it from an SSS office for self-employed applicants.