Sss Salary Loan Requirements

You power be thinking of applying for SSS salary loan but wondering if you lot are eligible. Indeed, there are eligibility requirements when it comes to SSS salary loan. Our membership does not automatically title us to this sort of privilege.

I once availed of the salary loan, thus, I want to share more or less inputs near SSS salary loan eligibility requirements. Here are the guidelines to know if you lot are eligible to employ for SSS salary loan.

Must have 6 posted contributions for the final 12 months

To be eligible for a salary loan, a member must take at to the lowest degree half-dozen (six) posted monthly contributions for the concluding 12 months prior to the month of filing of the application. This way that the fellow member must accept paid at to the lowest degree vi monthly contributions within i year earlier the calendar month of the loan application.

Must have paid equivalent to iii years of contribution

The member must besides have paid a total of 36 monthly contributions which is equivalent to three years of contribution before he tin avail of the salary loan. It does non take to be paid continuously. As long as the fellow member has full paid contributions of 36 months, so, he can continue alongside the salary loan application.

Must live nether the age of 65

Furthermore, the member-borrower must live under lx-five (65) years of age at the time of application (SSC Res. No. 434 dated 09 November 2005), has not been granted last benefit (total permanent disability, retirement, too death), as well as has not been disqualified due to fraud committed against the SSS.

Loan Description together with Terms

i. One-month salary loan 

A one-month salary loan is proportional to the average of the latest MSC of the member within the 12 months prior to application in addition to is payable for 2 years.

2. Two-month salary loan

A two-month salary loan is equivalent to twice the average of the latest MSC of the fellow member within the 12 months prior to application too too payable for two years.

3. Interest

The loan interest volition be x% per year until fully paid past the member. The showtime year'second involvement will live deducted ahead of fourth dimension from the loanable total just the instant year's involvement volition live added to the monthly amortization.

In instance the member was non able to pay the monthly amortization on the specified due date, the loan amortization shall have a i% penalty per month.

four. Service Fee

There is too a i% service fee deducted from the loanable amount of the fellow member during the disbursement.

five. Loan Renewal

The salary loan tin live renewed exclusively afterward the prescribed loan term which is 2 years. 

6. Amortization Payment Process 

Self-employed too voluntary members can pay the monthly amortizations to SSS part or to whatsoever authorized SSS payment partners on or before the 10th mean solar day of the third month from the month the loan was released.

Employed members' monthly amortizations volition be paid through their employers. The employers will kickoff the salary deduction of their employee-borrower inward the moment calendar month from the calendar month the loan was released. The employers will, inward plough, pay the remittances to any SSS branch or SSS payment partners however on or earlier the 10th twenty-four hours of the applicable months.

If the member-borrower got a novel employer or a novel job, it is his/her duty to inform the employer nigh his SSS obligations, so the new employer tin can deduct the amortizations from his/her monthly salary.

In example of death, all the amortizations, interests in addition to penalties will be deducted from the do good the principal beneficiaries volition have.

If you are employed too eligible to utilize for a salary loan, y'all can actually utilize through the SSS website.

If you accept farther questions, don't hesitate to position inward the comment sections below, together with volition effort to get dorsum to you lot equally shortly every bit nosotros can.


Related:
Requirements When Updating SSS Records
Requirements for Postal ID Application
Requirements for SSS Maternity Benefit Application