SSS CASH LOAN LOANABLE AMOUNTS 2024 – You can check the details here that may be helpful for you as a member of the Social Security System.
The huge benefit in being a member of the Social Security System, more popularly called SSS, who has an active and updated account is having options to turn to in times of financial needs. One of which is the Salary Loan or the SSS cash loan offer with loanable amounts that may vary.
SSS Salary Loan Loanable Amounts 2024 Based on Member’s Contribution
Guide on SSS Salary Loan Loanable Amounts 2024 for Members
SSS SALARY LOAN LOANABLE AMOUNTS 2024 – Here are the borrowing amounts allowed under the cash loan offer of the Social Security System.
In the Philippines, members of the Social Security System who have updated accounts and have posted at least 36 monthly contributions in their accounts have offers that they can turn to in times of financial needs.
Another loan that the SSS members can turn to aside from the SSS Housing Loan is the Salary Loan. It is a multi-purpose loan offer that members may apply for to fund a car repair, make a quite huge purchase, pay for the school tuition fees, augment medical expenses, etc.
Millions of Filipinos have access to the said financial solution as millions of Pinoys are members of the state-run social insurance agency. The state entity’s member population is mostly composed of locally-employed individuals in the private sector and self-employed individuals.
Who are qualified to apply for the SSS Salary Loan offer? Here are the qualifications set by the state-run social insurance giant under its 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 loanable amounts this 2024, the borrowing amount allowed by the state-run social insurance giant depends on the contributions made by the member-borrower.
The member may borrow a one-month or two-month salary loan. Here is a guide on the SSS Salary Loan loanable amounts 2024 based on the total contributions posted by the member-borrower:
- For members who have posted at least 36 monthly contributions but not more than 71 monthly contributions, the “one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower”.
- For SSS members who have posted at least 72 monthly contributions in their accounts, the “equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower”.
To apply for the loan offer, prepare the requirements for SSS Salary Loan 2024 application. Submit them to a branch of the state-run social insurance giant nearest to you.