Check the details about the How to Loan in SSS Philippines? SSS Loan Requirements, Available Amount and Interest Rates here. The citizens of the Philippines receive the SSS benefit and can also apply for the loans issued by the SSS. The interest rates are quite less than other private renders. The complete information about the How to Loan in SSS Philippines is discussed in this article.
How to Loan in SSS Philippines?
The cash loan is granted to citizens who are employed in the company or are self-employed. It is intended to meet the short-term credit requirements of the candidates. Apart from the tax credits and the rebates issued by the SSS, the applicants can also apply for the loan to overcome their debts.
The candidates who have lost their recent job, need to work on home repair or secure hospitalization for the medical bills are eligible to apply for the SSS loan. Thanks to the SSS-developed system to apply online, the process is easy and any individual can apply for a hassle-free convenient registration process. Scroll down to know more about the loan.
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What is an SSS Loan?
The employees can apply for a salary loan. As we know the SSS is a Government organization, and the interest rate of the loans is quite less than the loans from private renders. The loan amount depends upon the monthly salary of the candidates. The employed candidates or the volunteer members should provide the profit slip to get the loan.
The loan has adapted the technical advancement to make life better and more comfortable. the employees can apply for the loan without leaving their office premises. The general timeline for any category of loan is three years with a set interest rate and flexible payment time. The loan can be renewed after the amount is paid 50 percent of the original amount. The loan is charged with an interest rate of 10 percent for successive years until fully repaid. If the loan is not repaid in the given timeline, the interest will be increased and the penalty will be applied as well.
SSS Loan Requirements 2024
There are certain requirements to be followed to receive the amount. The basic eligibility requirements are discussed in this section.
- The candidates should be currently employed or self-employed.
- They should be actively contributing to the benefits of the SSS.
- The company of the employee should be updated from paying the employer’s contribution to the SSS benefits.
- The candidates who receive the regular benefit of the pension, child care, or disability are eligible to receive the loan. They should provide the documents of the payment slip of the allowance.
- The age limit for applying for a loan is 65 years old.
- The applicants should not be committed to any fraud activities against the SSS.
- The candidates applying for the one-month loan should have at least 36 contributions to the SSS.
The documents that are mandatory to have during the application filling are discussed in this section
- An SSS digitized ID or E-6
- Any two valid photo IDs.
- An Online SSS membership.
The candidates who have not yet registered for the membership should hurry up and apply as the application with the membership is processed earlier than the other forms.
SSS Loan Available Amount 2024
The loan amount depends upon the salary slip of the applicant and the contribution of the employers to the SSS benefit. The loan will be charged with 10 percent of the annual amount till it is paid completely. If the principal amount is high, the interest rates will be modified accordingly. The loan exceeding the given timeline will be issued with a penalty of 5 percent for each successive year.
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The general timeline for the loan is 2 years or 24 months installment. 1 percent of the service will be added to the interest rate at the beginning of the loan procedure. The deadline and the schedule of the loan retirement are discussed in the below table
| If the tenth digit of the ER/HR number ends with the following digits | Payment Deadline |
| 1 -2 | 10th day of the month |
| 3-4 | 15th day of the month |
| 5-6 | 20th day of the month |
| 7-8 | 25th day of the month |
| 9-0 | Last day of the month |
The payment shall be made at any SSS branch. The amount can also be deposited through net banking or other payment methods.
SSS Loan Interest Rates 2024
Any overpayment of the previous loans will be applied to the SSS loan. The member borrower requests the overpayment will be disbursed to them. If there are any changes to be made to the account such as the contact details or the address, the information should be updated in the SSS portal and should be notified to the authorities at the nearest branch.
The verification is a time-consuming process and the applicants will receive the notice of approval within 3 days of successfully applying for the loan. The citizens are advised to check the details about the interest rate and the timeline before applying.