Check Here the SSS Salary Loan Loanable Amounts 2024 for Qualified Members
SSS SALARY LOAN LOANABLE AMOUNTS vary depending on the total contributions made by the member and you can check a guide here.
In the Philippines, there are countless Filipinos who are in the pursuit of maintaining an active membership to the Social Security System. More popularly called SSS, there are countless members who remit contributions to the state entity on a monthly basis.
The amount or rate of the SSS monthly contribution vary depending on the nature of the income of the member as well as the amount of the income. There are benefits and loans that members with qualified accounts may apply for.
One of the loan offers is the SSS Salary Loan. It is open not only for the salaried members of the state-run social insurance entity but as well as the self-employed individuals and the overseas Filipino workers (OFWs).
How much are the SSS Salary Loan loanable amounts under the multi-purpose cash loan offer? The borrowing amounts allowed by the state-run social insurance agency depend on the total contributions posted by the member-borrower such as the following:
- The SSS members who have posted at least 36 monthly contributions but not more than 71 monthly contributions may apply for a one-month loan which is “equivalent to the average of member’s last twelve (12) Monthly Salary Credits (MSC), or the amount applied for, whichever is lower”.
- The SSS members who have posted at least 72 monthly contributions may apply for a two-month loan which is “equivalent to twice the average of the member’s last twelve (12) MSCs posted, rounded to the next higher MSC, or the amount applied for, whichever is lower”.
The Social Security System requires the loan applicant to have posted at least six (6) monthly contributions in the last twelve (12) months prior to the month of application.
Aside from knowing the loanable amounts, it is best to know the SSS Cash Loan interest rate and the processing fee set under the offer.