Features of the SSS Salary Loan vs. GSIS Multi-Purpose Loan Offer for Members
SSS Salary Loan has a unique set of features just like the GSIS Multi-Purpose Loan or also called the MPL offer.
In the Philippines, the giants in terms of social insurance are the SSS or the Social Security System and the GSIS or the Government Service Insurance System. They are in the service of the Filipino people for decades now and have millions of members.
The SSS and the GSIS have several loan offers for their members. Aside from the SSS Calamity Loan and the GSIS Emergency Loan that were crafted as financial options for members when natural disasters leave their place in a state of calamity, the social insurance giants also have multi-purpose cash loans.
The multi-purpose loan offer of the Social Security System is the SSS Salary Loan while the Government Service Insurance System has the GSIS Multi-Purpose Loan or also called the GSIS MPL. Here is a comparison of the two (2) loan offers:
Qualifications
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| must have posted at least 36 monthly contributions in the SSS account | not on leave of absence without pay at the time of application |
| 65 years old and below at the time of the loan application | has at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application |
| employer must be updated in the payment of the SSS contributions | has no pending administrative case and/or criminal case |
| has not received any final benefit from the SSS | has no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan |
| has not been disqualified due to fraud committed against the SSS | agency status is not “Suspended” |
| resulting net take-home pay after loan availment is not lower than the amount required under the General Appropriations Act, after all required monthly obligations have been deducted |
Loanable Amounts
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| SSS members who have posted at least 36 monthly contributions may borrow an equivalent of their one-month basic monthly salary | up to 14x of his basic monthly salary |
| Members who have posted at least 72 monthly contributions may borrow up 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 |
Interest Rates
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| 10% per annum until fully paid | 8% per annum for members with PPP of less than 3 years |
| 7% per annum for members with PPP at least 3 years |
Loan Term
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| loan shall be payable within two (2) years in twenty-four (24) equal monthly amortizations | depends on the members’ Period with Paid Premiums (PPP |
With regards to the requirements for application, here are the documents that the Social Security System requires in applying for the cash loan offer:
- duly-accomplished Member Loan Application Form
- SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo)
In case the loan application will be filed an authorized representative of the member, here are the documents that must be submitted to the state entity:
- duly-accomplished Member Loan Application Form
- SSS-issued Authorized Company Representative (ACR) card
- Letter of Authority (LOA) from employer
- two (2) valid IDs both with signature and at least one with photo
- Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs
In the case of the Government Service Insurance System Multi-Purpose Loan offer, here are the documentary requirements that must be submitted for the application:
- duly-completed and signed GSIS MPL Application Form
- photocopy of the eCard or UMID eCard