Guide on SSS Calamity Loan Assistance Program 2024 Details & Application
SSS CALAMITY LOAN ASSISTANCE PROGRAM 2024 – You can check here the updated details about the Social Security System loan program.
Millions of Filipinos are members of the Social Security System. More popularly called SSS, it is one of the giant social insurance institutions in the Philippines and an SSS membership is mandated among the locally-employed individuals in the private sector as well as the self-employed individuals.
The Social Security System membership is also open for the overseas Filipino workers (OFWs) as well as the non-working spouses of the SSS members. It is operating in the Philippines for decades now and has served countless Filipinos most especially in times of need.
The SSS has several loan offers. The SSS loans include the SSS Calamity Loan Assistance Program that was crafted to help the members in times of natural disasters. It is open for members living in areas that suffered losses and damages due to calamities and was declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC).
How much may be borrowed under this loan program? According to the SSS, the loanable amount is 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.
With regards to the interest rate implemented under the SSS Calamity Loan Assistance Program, the social insurance entity charges a 10% interest rate per annum until fully paid, computed on a diminishing principal balance, and shall be amortized over a period of twenty-four (24) months.
With regards to the SSS Calamity Loan processing service fee, according to the social insurance giant, the 1% service fee is waived. The interest is also implemented on a pro-rated scheme “from the date of loan granting up to the end of the month prior to first amortization month shall be deducted in advance from the loan proceeds”.
The loan proceeds may be released through any of the following:
- Through Unified Multi-Purpose Identification (UMID) – Automated Teller Machine (ATM) Card. If the SSS member-borrower has an activated UMID-ATM, the loan proceeds will automatically be credited to the account of the member-borrower.
- Through Philippine Electronic Fund Transfer System and Operations Network (PESONet) Accredited/Participating Banks. The loan proceeds may released to an active single account in any PESONet accredited banks in the name of the member-borrower shall be enrolled in the DAEM and shall be used as mode of disbursement for CLAP application by accessing the member’s My.SSS account.
The amount borrowed under the SSS Calamity Loan Assistance program may be repaid within two (2) years or 24 equal monthly installments. The loan amortization will begin on the 2nd month following the date of the loan approval. “Payment shall be made at any SSS Branch Offices with payment facility, SSS-accredited banks, or SSS authorized payment centers”.
To apply for the loan offer, there are a few SSS Calamity Loan requirements for application that must be met and submitted by the member-borrower to qualify for the loan.