Guide on SSS Cash Loan Loanable Amounts Based on Contributions of Member
SSS CASH LOAN LOANABLE AMOUNTS – Here is a guide on the loanable amounts under the SSS Salary Loan offer based on member’s contributions.
Are you a member of the Social Security System (SSS) who is in need of some cash for multiple purposes? You may turn to the Salary Loan offer of the social insurance institution.
The SSS Salary Loan or also known as the SSS Cash Loan was crafted to help address the short-term needs of members. The loanable amounts vary and you can check it below.
If you have posted 36 monthly contributions but not more than 72, you can borrow an equivalent of one month of your basic monthly salary. For example, you are earning P10,000 as basic monthly salary, you can get up to P10,000.00 if you have posted between 36-71 total monthly contributions.
On another side, if you have posted 72 monthly contributions or more, you can borrow up to twice of your basic monthly salary. Thus, if you are earning P10,000.00 as basic monthly salary, you can borrow up to P20,000.00 if you have posted at least 72 monthly savings.
The amount borrowed is payable up to 24 months. You can renew your loan as soon as you have paid at least 50% of the principal amount or at least half of the term has lapsed.
Do you want to check on the requirements and the process in applying for the loan offer? Feel free to visit – Apply for SSS Salary Loan: Simple Guide in Applying & What You Need to Submit.
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