Details about the SSS Calamity Loan Interest Rate 2023 & the Loanable Amounts
SSS CALAMITY LOAN INTEREST RATE 2023 – Here are some details about the offer of the Social Security System for its members in calamity-stricken areas.
Are you one of the millions of Filipinos who are members of the Social Security System? More popularly called in the country as SSS, the state-run social insurance institution is one of the entities that its members may turn to in times of natural calamities.
It is important to maintain an active and updated account to the Social Security System. Your SSS account can be your ticket to your eligibility to the benefits and loans offered by the state-run social insurance agency. Thus, members are advised to base their premiums on the SSS Contribution Table 2023 and remit the exact amount every month to maintain an updated account.
The SSS Calamity Loan offer of the Social Security System is an offer for members of the state-run institution who are residing in areas declared under a State of Calamity. To qualify for the loan offer, the member must:
- have updated payment contributions and loan remittances
- have posted at least 36 monthly contributions with at least six (6) contributions posted within the last 12 months prior to the month of the filing of loan application
- be residing in area declared under a State of Calamity
- have not received a final benefit from the Social Security System
- have no outstanding restructured loan under the SSS
The loanable amount under the SSS Calamity Loan 2023 offer may still vary depending on certain conditions. With regards to the SSS Calamity Loan interest rate 2023, it is charged at 10% annually.
According to the Social Security System, the loan is computed on a diminishing balance. The SSS Calamity Loan interest rate 2023 will be implemented until the loan is fully-paid. In case a member paid for the monthly amortization with an excess, the excess will be applied to the outstanding balance.
To apply for the loan offer, you must prepare the short list of requirements for the SSS Calamity Loan 2023 application. The documents required depend if you will process the filing of the loan as the member-borrower or an authorized representative will do it for you. The loan processing of the SSS may take a few weeks to a month.