SSS Calamity Loan A “Safety Net” Members Can Turn To After Natural Disasters

Guide on the SSS Calamity Loan Offer for Members

SSS CALAMITY LOAN – The Social Security System has a Calamity Loan offer for members in times of natural disasters.

Natural disasters are among those incidents that cannot be stopped. While some of them such as storms can be forecasted, these circumstances caused by nature is totally out of the control of the human beings and preparations against their impact is the most that can be done.

One of the best ways to prepare against a calamity is to maintain an updated account to the Social Security System or more popularly called SSS. It is a state-run social insurance giant with a lot of offers for its members including loans and benefit offers.

One of the loan offers of the SSS is the SSS Calamity Loan which is is under the Calamity Loan Assistance Program or CLAP, one (1) of the two (2) programs of the state entity under the Calamity Assistance Program (CAP). It is open for the following:

  • residing in an area declared under a State of Calamity by the National Disaster Risk Reduction and Management Council (NDRRMC)
  • registered on the My.SSS portal
  • has posted at least 36 monthly contributions
  • has not availed of final benefits
  • has no outstanding balance in CLAP or the SSS Loan Restructuring Program (LRP)

How much is loanable under the Calamity Loan offer of the Social Security System? According to the state-run social insurance agency, it is equivalent to one monthly salary credit (MSC).

To compute the MSC, get the average of the last 12 MSC’s you have posted and round the total up to the nearest thousand or the amount applied, whichever is higher. The loan is payable for up to 24 monthly installments at a 10% interest rate per annum.

The requirements in applying for the SSS Calamity Loan offer depends on who will process the loan application. In case it will be filed by the member-borrower himself/herself, here are the documents required by the state entity:

  • One (1) copy of the SSS calamity loan assistance application form
  • Original copy of barangay certification
  • Original copy of valid ID

If the loan application will be filed by an authorized representative of the SSS member, here are the documents required:

  • One (1) copy of the SSS calamity loan assistance application form
  • Original copy of authorization letter
  • Original copy of barangay certificate
  • Printed scanned copies of valid ID/documents of the OFW or seafarer member
  • Original copy of valid ID or document of the authorized representative
SSS Salary Loan

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