Guide on SSS Salary Loan Summary of Details
SSS SALARY LOAN – Here is a summary of the minimum and maximum loanable amounts, interest rate, terms, and the processing time.
A lot of Filipinos are members of the Social Security System. The state-run social insurance institution has several loan offers for its members and one of them is the SSS Salary Loan or also known as the agency’s multi-purpose cash loan offer for qualified members.
SSS Salary Loan
- This is a multi-purpose cash loan crafted to help address the short-term needs of the members of the Social Security System (SSS).
- Loanable Amounts:
- Minimum Loanable Amount — SSS members who have posted at least 36 monthly contributions may borrow an equivalent of their one-month basic monthly salary.
- Maximum Loanable Amount — Members who have posted at least 72 monthly contributions may borrow an equivalent of “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”.
- Effective Interest Rate: 10% per annum based on diminishing principal balance
- Maximum Loan Term: up to two (2) years or 24 months
- Processing Time: as fast as 60 seconds
Do you want a guide in applying for this SSS cash loan offer? Feel free to visit – SSS Cash Loan Application – How To Apply & the Requirements.
Aside from this loan offer, the Social Security System also has several other loan offers for its members. You can check their details below:
- SSS Housing Loan for Home Repair and Improvement — Apply for SSS Housing Loan for Repairs / Improvements – How To Apply for It.
- SSS Calamity Loan — SSS Calamity Loan – Can I Apply For This Loan Offer Online?
- SSS Business Loan — SSS Business Loan: List of Businesses / Companies Covered by the Offer
