SSS CASH LOAN – You can check the guide below on how to apply for the SSS Salary Loan offer and the documentary requirements you must prepare.
Qualified SSS members has a turn to in times of financial needs — the SSS Salary Loan. This multi-purpose cash loan offer is open for members who have posted at least 36 monthly savings in their accounts.
SSS Salary Loan — A Complete Guide on How To Apply To Get Cash
Guide on the SSS Salary Loan Application Process to Obtain Cash
SSS SALARY LOAN – You can check the comprehensive guide below on how to apply for the cash loan offer of the Social Security System.
In the Philippines, one of the biggest social insurance agencies is the Social Security System. More popularly called the SSS, a huge part of its member populace are individuals who are employed in the private sector in the country.
The SSS has millions of members. Aside from the employed individuals in the private sector, other members of the state-run social insurance institution are self-employed individuals, voluntary members, and overseas Filipino workers (OFWs).
Every month, the SSS members contribute a certain amount to the government agency based on the rate set depending on a member’s income. Accumulated monthly contributions may enable a member to qualify for the benefits and loans offered by the state-run social insurance institution. One of the offers is the SSS Salary Loan.
The Social Security System has set eligibility criteria for qualifications to the Salary Loan offer. The member-borrower must meet the following qualifications:
- 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
The SSS cash loan loanable amounts depend on the total contribution that the member has posted. The borrowed amount is payable for up to 24 months.
With regards to the application for the SSS Salary Loan, you can do it at the nearest branch of SSS or online through your My.SSS account. Here are the requirements that you must prepare:
- 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
- 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
Once approved, the SSS will release the money through your chosen mode of cash release. The social insurance institution implements a 10% annual interest rate under the loan and it is based on the principal balance of the account.