Details about the SSS Calamity Loan Interest Rate & Other Details
SSS CALAMITY LOAN INTEREST – Here’s a guide on the interest rate that the Social Security System (SSS) implements.
One of the main advantages in being a member of the Social Security System (SSS) who has an active and up-to-date account is that you have something to turn to during crisis. For an instance, in times of calamities — there is the SSS Calamity Loan.
The SSS Calamity Loan offer was crafted so the members have something to turn to when their place is struck with a natural disaster. Truth be told that natural calamities are among those that can bring the biggest devastation. It can even lead to as much as massive deaths.
In times of natural disaster, the SSS members who are living in areas declared under a State of Calamity may apply for a loan to the state-run social insurance agency.
Under the Calamity Loan offer of the Social Security System, the loanable amount is “equivalent to one monthly salary credit (MSC)”. Here is the eligibility criteria in applying for the loan offer:
- residing in an area declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC)
- registered on the My.SSS portal
- has posted at least 36 monthly contributions
- has not availed of final benefits
- has no outstanding balance in CLAP or the SSS Loan Restructuring Program (LRP)
With regards to the SSS Calamity Loan interest rate, it is 10% per annum. Thus, if you borrowed P10,000, the interest will be P1,000 in a year.
The SSS Calamity Loan interest will be implemented until the loan is fully paid. The loan application may be filed by the member-borrower himself-herself or by an authorized representative if the member is not available.
However, there are different sets of SSS Calamity Loan requirements depending on who will file the loan application. The documents must be submitted to a branch of the government institution.