Guide on SSS Calamity Loan Offer Application Process
SSS CALAMITY LOAN – The Social Security System crafted a safety net for members in times of natural disasters through a loan.
Among the things that no human forces can prevent regardless of how advanced a country can be are many of the natural disasters. Earthquakes, storm surges, El Niño and La Niña phenomena, volcanic eruptions, and tsunami are some of these that can never be prevented.
The only thing that people can do is to prepare to mitigate the extent of their impacts. Also, it will be best to prepare for options that you can turn to when unexpected things happen.
One of the things you can secure is your eligibility to a Calamity Loan offer. If you are a member of the Social Security System, you may qualify for the SSS Calamity Loan offer. Here are the eligibility criteria set under the offer:
- a minimum of 24 monthly contributions posted and three (3) of which must have been posted within the last 12-month period before the month of filing of loan application
- at least 60 years old upon the filing of the loan application
- not a recipient of any final SSS benefit nor was refunded SSS contributions
- has updated payments in case of existing loans with the SSS
With regards to the SSS Calamity Loan loanable amount, it is equivalent to one (1) monthly salary credit (MSC). To compute your MSC, get the average of the last 12 monthly salary credits that you have posted rounded up to the nearest thousand or the amount you applied for, whichever is higher.
The loan is payable for up to two (2) years or 24 monthly installments thus the member-borrower really has an option for light monthly installments. The loan is under a 10% interest rate per annum until it is fully-paid.
