SSS Cash Loan Interest Borrowers Must Be Aware Of — Here’s a guide…

Details about the SSS Cash Loan Interest Implemented per Annum

SSS CASH LOAN INTEREST RATE – You can check the guide below for the annual interest rate under the Social Security System (SSS) Salary Loan.

The Social Security System has the SSS Salary Loan offer for qualified employed, self-employed, and overseas Filipino worker (OFW) members. It was crafted to help address the short-term financial needs of members.

SSS Cash Loan Interest
Photo Credit: Metro News Central

For the eligibility criteria set under the SSS Salary Loan offer, here are the qualifications in applying:

  • have posted a total of at least 36 monthly contributions
  • be currently employed
  • be working for an employer with an updated records of payments of contributions
  • have not been granted a final benefit
  • be under 65 years old at the time of the loan application
  • have not been disqualified due to fraud committed against the SSS

Under the offer, the SSS cash loan interest is 10% per annum. It is implemented based on the principal balance of the loan.

According to the state-run social insurance agency, the SSS cash loan interest rate will be continually implemented over the period of 24 months. In case the loan is not fully paid at the end of the loan term, the interest will continue until the loan is fully paid.

To apply for the loan offer, the following documents are needed for submission:

  • Member Loan Application Form
  • SSS digitized ID or E-6 (acknowledgement stub) with any two valid IDs, one of which with recent photo:
    • Unexpired Driver’s License
    • Professional Regulation Commission (PRC) ID card
    • Passport
    • Postal ID
    • School or Company ID
    • Tax Identification Number (TIN) card
    • Seaman’s Book Membership card issued by private companies Overseas Worker Welfare Administration card
    • Senior Citizens card Voter’s Identification card/Affidavit/Certificate of Registration ATM card
      • with cardholder’s name; or
      • with certification from bank, if without name
    • Credit card Fisherman’s card issued by BFAR GSIS card/Member’s Record/Certificate of Membership Health or Medical card ID card issued by LGUs (e.g. Barangay/Municipal/City)
    • ID card issued by professional association recognized by PRC
    • Birth Certificate
    • Baptismal Certificate
    • Marriage Contract
    • NBI Clearance

The minimum and maximum loanable amounts under the SSS Salary Cash Loan offer depends on the total contributions that you have posted.

If you cannot leave work to apply for the loan offer, you may apply for the SSS cash loan offer online. The said option saves you money, time, and energy.

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