Guide on SSS Cash Loan 2024 Application Process
SSS CASH LOAN 2024 – You can check this guide on how to apply for the loan offer of the Social Security System.
Are you one of the millions of members of the Social Security System across the Philippines or abroad? One of the state-run social insurance giants, it is one of those with the biggest member populace in the field of its kind.
The SSS member populace is composed of locally-employed individuals, self-employed individuals, and those who applied for a voluntary membership to the state-run institution. There are also overseas Filipino workers (OFWs) who maintain an active membership to the state institution.
The SSS members may qualify for the SSS loans and benefits offered by the state entity. One of the offers is the Salary Loan or also called the cash loan offer.
With regards to the SSS cash loan loanable amounts, it depends if the member-borrower has posted within 36 to 71 monthly contributions or 72 monthly contributions and up. The amount borrowed is payable within two (2) years or 24 months.
On the SSS cash loan interest rate, it is implemented on an annual basis and based on a diminishing principal balance. It applies until the loan is fully-paid.
How to apply for the SSS cash loan 2024 offer? You can check the steps below to ensure a smooth process in applying for the loan offer:
Step 1 — Check the Qualifications. To be eligible to apply for the loan offer, the member-borrower must meet the following qualifying considerations:
- 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
Step 2 — Prepare the Requirements. Gather the documentary requirements for the SSS cash loan offer application. It is important to have a complete set of documents so the loan application will be processed by the state-run social insurance institutions.
Step 3 — Submit your documents. Go to a branch of the Social Security System (SSS) nearest to you and submit your requirements. For approved loans, the state-run social insurance institution will deduct a 1% service fee from the loan proceeds.