Steps for SSS Salary Loan Online Application Process
SSS SALARY LOAN ONLINE APPLICATION – You can check the steps below in applying for the multi-purpose cash loan offer of the Social Security System.
Are you interested about the Salary Loan offer of the Social Security System? It is a multi-purpose cash loan offer that can be perfect in addressing multiple financial needs. There is a short list of eligibility criteria thus a lot of members have a chance of qualifying for it.
Compared with the SSS Housing Loan and the SSS Calamity Loan, the SSS Salary Loan is the most flexible in terms of the purposes it can serve and its features. You may apply for it to make a huge purchase, to travel, to fund an event, for the repair of your car etc.
The SSS Salary Loan offer is open for members who have posted at least 36 monthly contributions in their accounts and have maintained good accounts with the state-run social insurance institution.
The loanable amount under the SSS Salary Loan offer depends on the contributions posted by the member. With regards to the application process, you may go for an SSS Salary Loan online application in case you have no time or your schedule does not permit you to visit a branch of the SSS.
Here are the steps for the SSS Salary Loan online application process:
Step 1 — Log in to your My.SSS account. If you have yet to register for an account to the online portal of the Social Security System, create an account first using your SSS number and valid ID.
Step 2 — Enroll a bank account for the disbursement of your SSS Salary Loan. You will need to upload a proof of account of ownership to enroll a disbursement account. You may upload any of the following:
- ATM card (must show the full account number, account holder’s name, and the issuing bank)
- Photo or scanned copy of passbook
- Bank certificate/statement
- Validated deposit slip
- Foreign remittance receipt
- Screenshot of the online/mobile banking account
Step 3 — Go to the main page of your My.SSS dashboard. Click “E-Service” > Loans > Apply for Salary Loan. The loanable amount and the local mailing address will appear on your screen.
Step 4 — Choose your desired loan amount. It is allowed to borrow an amount that is lower than the amount that appears on your screen.
Step 5 — Choose the disbursement account where you prefer the loan proceeds to be released.
Step 6 — Review the terms and conditions. Tick the box if you agree to the terms and conditions set by the Social Security System before clicking Proceed.
Step 7 — View, download, or print the Loan Disclosure Statement. You will be shown your monthly amortization schedule as well as the interest on the loan. Click Proceed after viewing the details.
Step 8 — A notification message showing the details of your SSS Salary Loan will appear on the screen. Make sure to have a copy of your transaction number.
If there is an existing loan but half of it was paid, can it be renew? Thank you!