Guide on SSS Calamity Loan Interest Rate 2024 Implemented Annually
SSS CALAMITY LOAN INTEREST RATE 2024 – You can check the details here regarding the interest rate that the Social Security System implements.
Are you one of the millions of members of the Social Security System? More popularly called SSS, if you are one of the members of the state-run social insurance giant, it is best to know its offers. One of them is the Calamity Loan — aside from the SSS Housing Loan.
The SSS Calamity Loan was designed as a loan offer that members who are living or working in areas declared under a State of Calamity may turn to. Truth be told that natural disasters can be hardly prevented and one of the most that everyone can do is to prepare for them and ensure the safety nets when unwanted impacts of the calamity take place.
An updated account that can ensure your qualification to the SSS Calamity Loan can be one of the best safety nets against the unforeseen circumstances due to natural calamities. Who are qualified to apply for the loan offer? Here are the qualifications for application:
- has posted a total of 24 monthly contributions, three of which should be posted within the last 12-month period before the month of filing application
- 60 years old and below at the time of filing of application
- has not been previously granted a House Repair and/or Improvement Loan by the SSS
- has not been granted any final SSS benefit nor was refunded SSS contributions
- must be up-to-date in the payment of all other existing loans with the SSS
The Social Security System has cited the borrowing amount under the SSS Calamity Loan but it may vary. With regards to the SSS Calamity Loan interest rate under the offer, it is at 10% per annum.
The loan can be repaid for up to two (2) years in 24 equal monthly installments. The SSS Calamity Loan interest rate applies until the loan is fully-paid. To apply, prepare the requirements for SSS Calamity Loan application.