Guide on SSS Calamity Loan Program for Members
SSS CALAMITY LOAN PROGRAM – Members of the Social Security System no longer need to wait long for the loan offer to be available.
The Philippines is currently grappling with the impacts of the Southwest Monsoon or the Habagat along with the typhoons lining up to hit the country. Recently, Typhoon Crising brought devastation to many areas across the nation.
The impact of a natural calamity may range from damages to infrastructures to loss of lives. In many cases, a financial assistance is really needed. This is where the edge for the members of some social insurance institutions like the Social Security System or the SSS sets in.
The Social Security System is one of the biggest social insurance institutions in the country. It has several loan offers for its members. Aside from the SSS Housing Loan offer, the state entity also offers the SSS Calamity Loan.
In fact, the Social Security System has recently streamlined the activation of its Calamity Loan Program. SSS President and Chief Executive Officer Robert Joseph M. De Claro previously said that the CLP will not be activated within seven (7) working days from the calamity event date.
The SSS Calamity Loan offer is open for members living in areas struck by a natural disaster and have posted at least 36 monthly contributions – 6 of which must be posted within the last 12 months prior to the month of filing. The member-borrower should also be registered to the official website of the social insurance giant.
How much is loanable under the Calamity Loan Program of the Social Security System?
According to SSS, the amount allowed for borrowing under the offer is “equivalent to one (1) Monthly Salary Credit (MSC) computed based on the average of the last 12 MSCs rounded up to the nearest thousand or the amount applied for, whichever is lower and capped at P20,000”.
Until when is the availment period?
The social insurance giant stated that the SSS Calamity Loan may be availed by a qualified member for “up to 30 calendar days to commence on the date of announcement of the availability of the CLP in a newspaper of wide circulation”.
What are the repayment options?
According to the Social Security System, the loan is payable within two (2) years or up to 24 monthly installments. The social insurance giant has set the first monthly amortization of the member-borrower on the second month following the approval of the loan to give the borrower ample time to prepare for it.
Are there processing fees?
The SSS charges a service fee that is equivalent to 1% of the borrowed amount. It will be charged and deducted from the loan proceeds.
How to apply for the loan offer?
The loan may be applied through the SSS website or the SSS Mobile App but it is important to check first the eligibility requirements for the SSS Calamity Loan 2025 application.