Details about the SSS Calamity Loan Interest 2023 for Member-Borrowers
SSS CALAMITY LOAN INTEREST 2023 – You can check the guide below for the interest rate set by the Social Security System.
One of the benefits for the members of the Social Security System is that they have something to turn to in times of calamity. The state-run social insurance institution offers a Calamity Loan for members living in areas struck by a natural disaster.
The SSS Calamity Loan is just one of the loans offered by the Social Security System. It aims to help the members recover from the impacts of the natural disaster that struck their place.
Below, you can check on the eligibility requirements in applying for the loan offer as well as the other details. These are important matters that the SSS members must know.
To qualify for the Calamity Loan offered by the Social Security System, the member-borrower must meet the following eligibility criteria:
- SSS member must have posted at least 36 monthly contributions with at least six (6) contributions posted within the last 12 months prior to the month of the filing of loan application
- SSS members must be living or working in area declared under a State of Calamity
- The member-borrower must not be a recipient of a final benefit from SSS
- The member-borrower must have no outstanding restructured SSS loan
The loanable amounts under the SSS Calamity Loan offer depends on certain factors. With regards to the SSS Calamity Loan interest rate 2023, it is charged at 10% annually.
The Social Security System will implement the SSS Calamity Loan interest rate until the loan is fully-paid. The maximum repayment is 24 monthly amortizations. If the member-borrower will be the one who will file the loan application, the following documents are required for submission:
- duly-accomplished and signed SSS Calamity Loan Application Form
- Barangay Certification
- original copy of valid ID card or document
The SSS allows the loan application through an authorized representative. In case the loan will be filed by a representative, the following are the documents needed for submission to SSS:
- duly-accomplished and signed SSS Calamity Loan Application Form
- Barangay Certification
- Authorization Letter
- printed scanned copies of valid ID cards or documents of the OFW/seafarer member-borrower
- present original copies of valid ID cards/documents of the authorized representative