List of SSS Loan Interest Rates Member Must Be Aware Of
SSS LOAN INTEREST – Here are the interest rates set by the Social Security System under each of its loan offers for the members.
The Social Security System, more popularly called the SSS, is one of the biggest state run social insurance institutions in the country. Local employees in the private sector in the country make up the biggest part of its member population.
There are also SSS members who are self-employed, overseas Filipino workers (OFWs), and voluntary members. Every month, they post a monthly contribution for eligibility to the benefits offered by the SSS as well as the SSS loans crafted for the members’ benefits.
With regards to the loan offers, the Social Security System has three (3) main loan offers that has helped its members in different situations. It has a multi-purpose cash loan offer, a housing loan offer, and a calamity loan offer.
Salary Loan
The SSS Salary Loan offer is a multi-purpose cash loan that members who have posted at least 36 monthly contributions may apply for. It is open not only for employed individuals but as well as self-employed ones and overseas Filipino workers (OFWs). The SSS loan interest rate under this offer is 10% per annum.
Housing Loan
The SSS Housing Loan application is open for the purpose of financing a home repair or improvement. Under this loan offer, up to three (3) SSS members may combine their accounts for eligibility to the loan offer.
The loan interest rates under the SSS Housing Loan offer depends on the amount borrowed by a member. Here are the interest rates as per the loanable amounts:
- Up to P450,000.00 – 8% per annum
- Over P450,000.00 up to P1,000,000.00 – 9% per annum
- Over P1,000,000.00 up to P1,500,000.00 – 10% per annum
- Over P1,500,000.00 up to P2,000,000.00 – 11% per annum
Calamity Loan
In times of calamities, the members of the Social Security System (SSS) may turn to the social insurance institution for a loan offer — the SSS Calamity Loan. It is open for members who are living or working in areas declared under a State of Calamity.
The SSS loan interest under the offer is 10% per annum. The maximum loan term allowed under the offer is 24 months.
