Guide on SSS Salary Loan Interest Rate Per Annum
SSS SALARY LOAN INTEREST RATE – Here is a guide on how much is the interest under the Social Security System Salary Loan offer.
Members of the Social Security System (SSS) can turn to the state-run social insurance institution in times of financial need. You may be eligible to apply for the Salary Loan offer of the agency.
The Salary Loan offer is open for both employed and self-employed borrowers. It was crafted to help address the short-term financial needs of qualified members. You can check the details of the loan offer below.
Do you want to know how much you may borrow under the said loan offer? Feel free to visit – SSS Salary Cash Loan: Here’s How Much You May Borrow under it….
With regards to the SSS Salary Loan interest rate, the state-run social insurance institution has provided the annual interest rate that will be implemented on the borrowed amount under the loan offer.
According to the Social Security System, the SSS Salary Loan interest rate is 10% per annum and it will be based on diminishing principal balance. In case there will be an excess in your payment for the monthly amortization, it will be deducted on your outstanding principal balance.
With regards to the requirements in applying for the loan offer, it depends if you are the one who will process your loan application or someone will do it for you. In case of personal loan application processing, prepare and submit 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)
- Postal ID
- Baptismal Certificate
- Tax Identification Number (TIN) Card
- Senior Citizens Card
- School ID
- Professional Regulation Commission (PRC) ID
- LTO Driver’s License
- Credit Card
- Health or Medical Card
- GSIS Card
- Seaman’s Book
- Company ID
- Voter’s Identification card/affidavit/Certificate of Registration
- ATM card with cardholder’s name or with certification from bank
- NBI Clearance
- Transcript of Records
- 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
- Seafarer’s Registration Certificate issued by POEA
- Bank Account Passbook
- Pag-IBIG Member’s Data Form
- Overseas Worker Welfare Administration card
- Police Clearance
- Marriage Contract
If an authorized representative or a representative of your company will be the one who will process your loan application, submit the following documents to SSS:
|For loan applications processed by an authorized representative||For loans to be processed by employer or company’s authorized representative|
|duly-accomplished Member Loan Application Form||duly-accomplished Member Loan Application Form|
|Letter of Authority (LOA) from employer||two (2) valid IDs both with signature and at least one with photo|
|SSS-issued Authorized Company Representative (ACR) card||Letter of Authority (LOA) from employer|
|Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs||Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs|
|two (2) valid IDs both with signature and at least one with photo|||
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You may also visit – SSS Cash Loans: How To Apply & the Requirements