SSS Salary Loan Amount – Minimum and Maximum Amounts You May Borrow
SSS SALARY LOAN AMOUNT – Here is a guide on how much you may borrow under the salary loan offer of the Social Security System (SSS).
If you are an active member of the different government agencies in the Philippines, you surely have something to turn to when financial struggles or other unforeseen circumstances take place. Are you a member of the Social Security System?
More commonly called SSS, the Social Security System is a state-run social insurance institution. Millions of Filipinos are members of this government institution and most of the members are employees of the private sector. Aside from the workers of private companies, other members are self-employed individuals and voluntary members.
Every month, SSS members remit a certain amount which is based on the salary or at least the minimum contribution set by the institution based on certain factors. Accumulated contributions may qualify a member for the benefits and loans offered by the government agency.
One of the loans offered by the Social Security System is the SSS Salary Loan. It is open to members who have posted at least 36 monthly contributions. How much is the SSS Salary Loan amount or the amount that you may borrow under this offer?
The SSS Salary Loan amount may depend on your total monthly contribution. If you have posted at least 36 monthly contributions, you may borrow a one-month loan or the amount that is equivalent to the average of your 12 monthly salary credits. If your total monthly salary credits for 12 months is P120,000, you may borrow P12,000.00.
If you have posted at least 72 monthly contributions, the loanable amount “is equivalent to twice the average of the member’s last twelve (12) MSCs posted”. Do you want to apply for the said SSS loan offer? For a guide on the application process, you may visit – Apply SSS Salary Loan Online – Guide on Online Application for Salary Loan.