Guide on SSS Salary Cash Loan Loanable Amount on First Application
SSS SALARY CASH LOAN – Here is a guide on how much you can get on your first loan to the Social Security System (SSS).
One of the best ways to prepare against circumstances which might be beyond your expectations to happen is to maintain an active membership to some government agencies. Among these are social insurance institutions like the Social Security System (SSS).
Most of the members of the SSS are people who are employed in the private sector but it has opened its membership to people from different fields. Self-employed individuals, overseas Filipino workers (OFWs), non-working spouses of SSS members, and voluntary members may apply for membership.
Every month, an SSS member remits an amount to the social insurance institution. It depends on the rate set by the agency in consideration of the member’s source of income and the amount of monthly earnings.
Accumulated contributions or savings can qualify a member to the offers of the Social Security System. It got benefits and loans – just like the SSS Salary Cash Loan.
The loanable amount under the SSS Salary Cash Loan does not depend on whether or not it is your first time to apply for the said loan offer. If you have made at least 12 monthly contributions, you can borrow an amount that is equivalent to your one-month salary.
If the total contributions you have made has reached 24 months, you can borrow up to twice the amount of your monthly salary. Thus, if you earn P10,000, you may borrow up to P20,000.
This loan offer is not only open for the SSS members who are working in the private sector. Self-employed members of the social insurance institution may also apply for it. Do you want to know the interest rate in applying for it? Feel free to visit – SSS Salary Loan Interest Rate & the Maximum Loan Term.
