How Much Is the SSS Calamity Loan Interest and Loanable Amounts for Members?
SSS CALAMITY LOAN INTEREST – You can check here the interest rate and the loanable amounts under the Social Security System loan offer.
In the Philippines, one of the longest-operating social insurance institutions is the SSS or the Social Security System. It has millions of members from across the nation as well as overseas Filipino worker or OFW members in different countries abroad.
A membership to the SSS provides the members a turn-to in times of different needs for funds. There are several SSS benefits that members may qualify for as well as loan offers that are up for different situations. One of the loans offered by the social insurance entity is the SSS Calamity Loan.
The SSS Calamity Loan is a short-term loan designed to help the eligible member-borrowers get an access to funds that can help them in recovering from the impacts of a natural disaster.
The Calamity Loan offer is open for qualified members who are residing in areas declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC).
How much a member may borrow under the loan offer? According to the Social Security System, the loanable amount “shall be equivalent to one (1) Monthly Salary Credit (MSC) computed based on the average of the last twelve (12) MSC (rounded up to the nearest thousand), or the amount applied for, whichever is lower”.
On the SSS Calamity Loan interest rate, the social insurance entity has set the interest rate at 10% per annum until the loan is fully paid. The SSS waives the 1% service fee.
According to the Social Security System, the SSS Calamity Loan interest rate is computed on a diminishing principal balance, and shall be amortized over a period of twenty-four (24) months.
Under the Calamity Loan offer, the amount borrowed is payable within two (2) years or 24 monthly installments. The payment can be made at any SSS Branch Offices with payment facility, SSS-accredited banks, or SSS authorized payment centers.
Aside from the Calamity Loan, members of the Social Security System may also turn to the SSS Salary Loan amid the onslaught of Typhoon Kristine.