Guide on SSS Cash Loan Interest Rate 2024 Implemented per Annum
SSS CASH LOAN INTEREST RATE 2024 – Here are some details about the interest set by the Social Security System under its loan offer.
In the Philippines, one of the state-run social insurance agencies that countless Filipinos may turn to for loans is the Social Security System. It is more popularly called SSS and has been in the service of the Filipinos for decades already.
There are several SSS loans that the members of the state-run social insurance giant may apply for. One of them is the SSS cash loan or officially called the SSS Salary Loan. Below, you can check the details about the offer including the SSS cash loan interest rate under it.
Here are the qualifications in applying for the cash loan offer of the Social Security System:
- 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
The loanable amounts under the SSS cash loan offer depends on the total contributions posted by the member-borrower. The bracket when the two (2) loanable amounts which are basis in determining how much a member may borrow are between 36-71 monthly contributions and at least 72 total contributions posted.
With regards to the SSS cash loan interest rate for 2024, it is at 10% per annum. According to the Social Security System, it is based on diminishing principal balance. The loan will be amortized for up to two (2) years or 24 months.
The SSS cash loan interest rate will continue to be charged until the loan is fully-paid by the member-borrower. Are you interested to apply for the offer? There are SSS cash loan requirements that you must prepare and submit to the state-run social insurance institution.
The SSS monthly amortization begins on the 2nd month following the date of the loan. The state-run social insurance institutions charges a service fee of 1% of the loan amount and it will be deducted from the loan proceeds.