Guide on the SSS Cash Loan Interest Rate Per Annum
SSS CASH LOAN INTEREST – Below is a guide on the interest rate that the Social Security System implements under its Salary Loan offer.
When it comes to multiple loan offers, one of the state-run social insurance institutions that have the offer is the Social Security System. More commonly called SSS, the social insurance institution has loan offers that attend to specific purposes as well as those that are multi-purpose. The most popular offer under the latter is the SSS Cash Loan or Salary Loan.
The SSS Cash Loan offer is open for members who have updated accounts and have posted at least 36 monthly savings. It was crafted for the short-term financial needs of the SSS members.
Do you want to know how much you may borrow under this loan offer? Feel free to visit – SSS Personal Cash Loan: Here’s How Much You May Get under the offer. With regards to the SSS Cash Loan interest rate, it is at 10% per annum.
According to the social insurance institution, the SSS Cash Loan interest rate is based on a diminishing principal balance. The maximum loan term under the offer is 24 months.
The requirements in applying for this loan offer depends whether you are the one who will submit and process your loan application or an authorized person or your company’s authorized personnel will be doing it for you. In the case of the former, you must prepare the following documents:
- duly-accomplished Member Loan Application Form
- SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo)
- School ID
- Senior Citizens Card
- Company ID
- Professional Regulation Commission (PRC) ID
- Tax Identification Number (TIN) Card
- Seaman’s Book
- LTO Driver’s License
- Overseas Worker Welfare Administration card
- Police Clearance
- Voter’s Identification card/affidavit/Certificate of Registration
- Postal ID
- GSIS Card
- Pag-IBIG Member’s Data Form
- Baptismal Certificate
- Seafarer’s Registration Certificate issued by POEA
- ATM card with cardholder’s name or with certification from bank
- Health or Medical Card
- Credit Card
- Transcript of Records
- Marriage Contract
- NBI Clearance
- Bank Account Passbook
- Certificate from:
- Office of Muslim Affairs
- Life Insurance Policy
- Office of Southern/Northern Cultural Communities
- Birth/Baptismal certificate of child/ren
- Certificate of Licensure/Qualification Documents/Seafarer’s ID and Record Book from Maritime Industry
- Certificate of Naturalization from the Bureau of Immigration
If your loan application will be processed by an authorized representative, prepare the following documents:
- duly-accomplished Member Loan Application Form
- Letter of Authority (LOA) from employer
- SSS-issued Authorized Company Representative (ACR) card
- two (2) valid IDs both with signature and at least one with photo
- Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs
If it is your company’s authorized representative who will process the loan, the following requirements will be needed:
- duly-accomplished Member Loan Application Form
- Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs
- Letter of Authority (LOA) from employer
- two (2) valid IDs both with signature and at least one with photo
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You may also visit – Apply for SSS Salary Loan: Simple Guide in Applying & What You Need to Submit.