Guide on SSS Salary Loan & GSIS Multi-Purpose Loan Salient Features
SSS SALARY LOAN vs. GSIS MULTI-PURPOSE LOAN – You can check here a comparison of the two (2) multi-purpose cash loan offers.
In the Philippines, millions of Filipinos have access to loans with lower interest rates. Thus, it is not all the time that you must take that high interest rate-loans offered by banks. However, truth be told that many people are not aware of the offers that they may take.
The low interest rate loans are usually offered by the Social Security System (SSS), the Government Service Insurance System (GSIS), and the Pag-IBIG Fund. Aside from the calamity loan that comes with different requirements offered by the state entities, they also have multi-purpose cash loan offers.
The Social Security System and the Government Service Insurance System which are the giants in terms of social insurance in the Philippines both have multi-purpose cash loans. In the case of the former, it is the SSS Salary Loan while the latter has the GSIS Multi-Purpose Loan or also called the MPL.
Although they are both multi-purpose cash loan offers, the SSS Salary Loan and the GSIS Multi-Purpose Loan (MPL) come with different features. Here’s a guide:
Who Are Qualified?
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| must have posted at least 36 monthly contributions in the SSS account | not on leave of absence without pay at the time of application |
| 65 years old and below at the time of the loan application | has at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application |
| employer must be updated in the payment of the SSS contributions | has no pending administrative case and/or criminal case |
| has not received any final benefit from the SSS | has no arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan |
| has not been disqualified due to fraud committed against the SSS | agency status is not “Suspended” |
| resulting net take-home pay after loan availment is not lower than the amount required under the General Appropriations Act, after all required monthly obligations have been deducted |
How Much You May Borrow
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| SSS members who have posted at least 36 monthly contributions may borrow an equivalent of their one-month basic monthly salary | up to 14x of his basic monthly salary |
| Members who have posted at least 72 monthly contributions may borrow up to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower |
Interest Rates
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| 10% per annum until fully paid | 8% per annum for members with PPP of less than 3 years |
| 7% per annum for members with PPP at least 3 years |
Loan Terms
| SSS Salary Loan | GSIS Multi-Purpose Loan (MPL) |
| loan shall be payable within two (2) years in twenty-four (24) equal monthly amortizations | depends on the members’ Period with Paid Premiums (PPP |
In applying for the SSS Salary Loan offer, you need to prepare and submit a duly-accomplished Member Loan Application Form and SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo).
In applying for the GSIS Multi-Purpose Loan, you need to prepare and submit a duly-completed and signed GSIS MPL Application Form and a photocopy of the eCard or UMID eCard.