Details about the SSS Calamity Cash Loan Offer Members May Apply For
SSS CALAMITY CASH LOAN – Members of the Social Security System may turn to the loan offer in recovering from the effects of typhoon Kristine.
Several areas in the Philippines are greatly devastated by severe tropical storm Kristine that damaged countless houses and livelihoods in different towns. The Bicol region is one of those that is greatly affected by the typhoon.
The impacts of a natural disaster can range from damages in houses and livelihoods to the loss of lives. In Naga City, the flood entered a shopping mall and it also reached roof-level in the low-lying areas. Many people were stuck in their roof for several hours trying to evade the rising floodwater.
Many Filipino families are currently in evacuation centers after they were left homeless by severe tropical storm Kristine. This is where the advantage of maintaining an active and update membership to social insurance institutions sets in.
The social insurance institutions have calamity loan offers that their members can turn to in times of inevitable natural disasters. One of these entities is the Social Security System or more popularly called SSS.
There are several SSS loans that members may apply for. One of them is the SSS Calamity Cash Loan which was designed to help the members living in calamity-stricken areas recover from the impacts of the natural disaster.
In applying for the SSS Calamity Cash Loan, there are only a few qualifications that the member-borrower must meet to be eligible to apply for the loan offer:
- SSS member must have at least thirty-six (36) monthly contributions, six (6) of which should be posted within the last twelve (12) months prior to the month of filing of application
- He/She must have no past due SSS Short-Term Member Loans.
- He/She must be registered in the SSS Website (My.SSS facility) to facilitate filing of online application
- He/She must be a resident of the calamity declared areas and suffered damages/loss to their properties
- He/She must have at least six (6) posted monthly contributions under the current coverage/membership type prior to the month of loan application for Self-Employed, Voluntary (including Non-Working Spouse), and Overseas Filipino Worker (SE/VM/OFW) members who are land based.
- He/She must have not been granted any final benefit.
- SSS member must not have an outstanding Loan Restructuring Program (LRP) or Calamity Loan Assistance Program (CLAP).
The Calamity Loan offer is non-collateral thus, you do not need to present anything to qualify for the loan offer. The member-borrower must have to be a resident of an area declared on a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC).
The loanable amount under the SSS Calamity Loan may vary among the members. It is also best to check how much you may borrow as well as the interest rate under the SSS Calamity Loan offer of the social insurance entity under the loan offer.