Details about the SSS Cash Loan Loanable Amounts 2024 Based on Monthly Contributions Posted
SSS CASH LOAN LOANABLE AMOUNTS 2024 – Here is a guide for the members of the Social Security System on how much you may borrow under the loan offer.
Have you heard about the Salary Loan offer of the Social Security System? Also called as SSS cash loan offer, it is open for employed and self-employed members as well as voluntary members. It was designed to help the members meet their short-term financial needs.
The SSS cash loan is one of the many SSS loans and SSS benefits offered by the state-run social insurance agency for its members. Under the said personal loan offer, a member may borrow a money that can finance several purposes.
Who are qualified to apply for the cash loan offer of the Social Security System? Here are the qualifications set by the state-run social insurance institution:
- currently employed, self-employed, or voluntary member of the Social Security System
- must have posted at least 36 monthly contributions in the SSS account
- employer must be updated in the payment of the SSS contributions
- has not received any final benefit from the SSS
- 65 years old and below at the time of the loan application
- has not been disqualified due to fraud committed against the SSS
With regards to the SSS cash loan loanable amounts for 2024, the borrowing amount allowed remains to be dependent to the total contributions posted by a member. As mentioned, the minimum total contributions required for qualification to the offer is 36 monthly contributions.
If a member has posted at least 36 monthly contributions, the loanable amount is “equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower”.
If the member has posted at least 72 monthly contributions, the SSS cash loan loanable amount is “equivalent to 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”.
Under the loan offer, the maximum repayment is two (2) years or 24 monthly contributions. In applying for the loan, the member must submit the documentary requirements for the SSS cash loan application.
All loan applications are under the approval of the SSS. The processing may take a few working days.
