Details about the SSS Calamity Loan Interest 2024 for Members
SSS CALAMITY LOAN INTEREST 2024 – Here is a guide for the members of the Social Security System on the interest rate and maximum term under the offer.
In the Philippines, one of the government institutions that offer multiple loans is the Social Security System. More popularly called SSS, it has millions of members across the nation as well as Filipino members who are working abroad or as seafarers.
Most of the SSS members are employees in the private sector since it is mandatory in most companies and businesses in the country. While the SSS Contribution 2024 will deduct a portion from the member’s monthly salary, it widens his/her resources with its loan and benefit offers.
One of the loans offered by the state-run social insurance agency is the SSS Calamity Loan. It was designed to help the members of the state entity who are living or working in areas declared under a State of Calamity.
Under the SSS Calamity Loan, here are the qualifications set by the Social Security System for member’s eligibility to the loan offer:
- a minimum of 24 monthly contributions posted and three (3) of which must have been posted within the last 12-month period before the month of filing of loan application
- at least 60 years old upon the filing of the loan application
- not a recipient of any final SSS benefit nor was refunded SSS contributions
- has updated payments in case of existing loans with the SSS
The loanable amount under the SSS Calamity Loan may vary but all loan accounts are subject to a 10% SSS Calamity Loan interest rate per annum. The loan is payable for up to two (2) years or 24 monthly installments.
The SSS Calamity Loan interest rate applies until the amount borrowed from the state-run social insurance agency has been fully paid. To apply, make sure to prepare the complete SSS Calamity Loan requirements for application.
It may take a few working days for the SSS to process your loan application. Make sure to submit the complete requirements.