SSS Salary Loan Interest Rate for Members 2024 — Here’s A Guide…

Details about the SSS Salary Loan Interest Rate 2024 for Member-Borrowers

SSS SALARY LOAN INTEREST RATE – You can check the details below for the interest rate implemented by the Social Security System under the loan offer.

Are you looking for a financial solution to your needs? If you are a member of the Social Security System, more popularly called SSS, you may turn to the Salary Loan offer of the state-run social insurance institution.

Social Security System (SSS)
Photo Credit: Inquirer

The SSS is one of the giants in the Philippines when it comes to social insurance. It has millions of members composed of individuals not only from across the nation but as well as Pinoys from different countries abroad.

Most of the SSS members are locally-employed individuals in the private sector under a compulsory membership. With regards to the SSS Salary Loan offer which is only one of the loans offered by the state-run social insurance agency,

SSS Salary Loan Interest Rate 2024
Photo Credit: The Irish Times

A member may apply for the loan offer to finance various purposes like the payment of a school tuition fee, travel expenses, car repair, minor home improvements, etc. It is a quick cash loan offer that can be applied for personally at the nearest SSS main or branch office or online.

On the SSS Salary Loan loanable amounts, they vary depending on the total monthly contributions posted by the member-borrower. Here are the qualifications for eligibility for application to the loan offer:

  • has posted at least 36 monthly contributions in the SSS account
  • updated in the payment of the SSS contributions
  • 65 years old and below at the time of the loan application
  • currently employed, self-employed, or voluntary member of the Social Security System
  • has not received any final benefit from the SSS
  • has not been disqualified due to fraud committed against the SSS

With regards to the SSS Salary Loan interest rate, it is at 10% per annum. The loan is payable for up to two (2) years or 24 monthly installments.

The SSS Salary Loan interest rate applies until the loan is fully-paid. To apply for the loan offer, prepare and submit the requirements for SSS Salary Loan 2024 application.

Leave a Comment