Details about the SSS Cash Loan Interest Rate & Other Features of the Offer
SSS CASH LOAN INTEREST – Here is a guide for members who want to borrow money under the cash loan offer of the Social Security System.
Are you a member of the Social Security System who is in need of some cash right now? You might have forgotten that you may qualify to the multi-purpose cash loan offer of the state-run social insurance agency.
Aside from the SSS Calamity Loan and the SSS Housing Loan application, another application that an SSS member may make is to apply for the SSS Salary Loan offer. It is also called the cash loan and it serves multiple purposes unlike the other loan offers which have specific purposes for application.
There are only a few eligibility requirements for qualification to the loan offer. To be eligible to apply for the SSS Salary Loan, the member-borrow must meet the following eligibility criteria:
- an active SSS member with updated contributions
- a Filipino
- has at least thirty six (36) posted monthly contributions
- has not been granted final benefit
- under sixty-five (65) years of age at the time of application
- has not been disqualified due to fraud committed against the SSS
The loan amount under the SSS Salary Loan depends on the total contributions made by the member-borrower to the state-run social insurance agency. With regards to the SSS cash loan interest rate, it is at 10% per annum.
The amount borrowed is payable for up to three (3) years or 36 monthly installments. The SSS cash loan interest is implemented until the loan is fully-paid.
To apply for the SSS Cash Loan 2023, there are requirements that you must prepare and submit to SSS. The list of documents required depend if the SSS member will be the one who will process the loan or it will be processed by his/her employer or by an authorized representative.
