RELEASING OF SSS CALAMITY LOAN – You can check this guide regarding the release of the loan proceeds to the member-borrowers.
Members of the Social Security System (SSS) who are living or working in areas declared under a State of Calamity may avail the SSS Calamity Loan offer. The releasing of cash is in line with the state agency’s pursuit to help the calamity-stricken members in recovering from the impacts of the natural disaster.
SSS Calamity Loan Releasing — Here’s What You Need To Know before Applying
Details about the SSS Calamity Loan Releasing for Calamity-Stricken Members
SSS CALAMITY LOAN RELEASING – Here are some details that you need to know before applying for the Calamity Loan to the Social Security System.
One of the benefits of being a member of certain government agencies is that you have something to turn to in times of financial needs. One of the situations covered is when a member is living or working in an area that was hit by a calamity. The Social Security System, more popularly called SSS, is one of the state institutions with this offer.
Millions of Filipinos are actually members of the Social Security System. Most of these people are locally-employed in the private sector A huge chunk of the populace also comes from self-employed individuals although there are also members who are overseas Filipino workers (OFWs).
If you fit none of the categories mentioned above, you may still apply for a voluntary membership. If you regularly post monthly contributions, you may qualify to the benefits offered by the state-run social insurance agency as well as the SSS loans. One of the loan offers is the SSS Calamity Loan.
The Social Security System has the SSS Calamity Loan offer in the pursuit to help the members who are residing or working in areas hit by a calamity. The financial aid could be a big help in the recovery process of the calamity-stricken members.
There are some qualifications in applying for this SSS loan offer. For eligibility, the member-borrower must meet the following criteria:
- 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)
Under this loan offer where you can borrow an amount that is equal to your monthly salary credit, you can repay the loan for up to 24 monthly installments. With regards to the SSS Calamity Loan releasing, the timeframe may actually vary.
The SSS Calamity Loan releasing is affected by the number of volume of loan applications as well as the efficiency of the system of processing. Meanwhile, the state-run social insurance agency usually releases the loan proceeds within three (3) to five (5) working days since the approval of the loan application.
There is an easy process on how to apply for SSS Calamity Loan. You just have to prepare the following documents if you will process the loan application yourself at an SSS branch:
- one (1) copy of the SSS calamity loan assistance application form
- original copy of barangay certification
- original copy of valid ID
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