Guide on SSS Salary Loan Offer Application Process
SSS SALARY LOAN – Here are the features and the requirements in applying for the Social Security System Salary Loan offer.
Are you in need of financial solutions for multiple short-term cash needs? If you are a member of the Social Security System, you may qualify to the Salary Loan offer of the state-run social insurance institution.
The SSS Salary Loan is the multi-purpose cash loan offer of the state-run social insurance giant that is open for both employed and self-employed members who meet the qualifications. Under it, the money can be used in the following:
- augmenting the household financial needs
- making a purchase
- traveling
- minor business expansion
- minor home improvement
- funding an event
- starting a business
- paying for the school fees
Who are qualified to apply for the SSS Salary Loan offer? Like in most loans, the Social Security System has also set a list of the eligibility requirements in applying for the loan offer. To qualify for the offer, the member must meet the following qualifications:
- 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
How much you may borrow under the SSS Salary Loan offer? The loanable amounts depend on the total monthly contributions posted by the member. Here’s a guide:
- 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”.
The Social Security System implements a 10% interest rate under the loan offer per annum. The maximum loan term is 24 monthly installments. In applying for the offer, there are documents that must be submitted to the state-run social insurance institution.
