Guide on SSS Calamity Loan Offer for Qualified Members
SSS CALAMITY LOAN – The Social Security System has crafted its own Calamity Loan that its members may turn to during natural disasters.
In the Philippines, individuals who are working in the private sector are mandated to maintain an active membership to the Social Security System. The state-run social insurance giant is more popularly called SSS.
A lot of self-employed individuals and overseas Filipino workers (OFWs) are also members of the social insurance giant. The state entity has also opened its doors for voluntary members.
The Social Security System has several offers that are exclusive for its members. Its offers include different benefit offers in times of maternity, sickness, disability, unemployment, and a lot more. It also has loan offers.
One of the loan offers of the Social Security System is the SSS Calamity Loan. It was designed to help the members in times of natural disasters. It is open for members who meet the following eligibility requirements:
- has at least 36 monthly contributions, six of which should be posted within the last 12 months before the month of filing of application
- has a a My.SSS account at www.sss.gov.ph
- a resident of a calamity-stricken area declared by the NDRRMC and suffered damage or loss to their properties
- has not been granted any final benefit such as permanent total disability or retirement
- has no outstanding Loan Restructuring Program (LRP) or CLAP
- member’s employer must certify the CLAP application through online My.SSS facility (for employed members)
Under the SSS Calamity Loan offer, a qualified member may borrow an amount that is equivalent to one monthly salary credit (MSC). To compute the MSC, get the average of the last 12 MSC’s posted and round the total up to the nearest thousand or the amount applied, whichever is higher.
The SSS Calamity Loan is payable for up to 24 monthly installments. The social insurance giant has set the interest rate at 10% per annum.
