Guide on SSS Money Loan 2024 Borrowing Amounts
SSS MONEY LOAN 2024 – You can check here the minimum and maximum loanable amounts under the Salary Loan offer of the Social Security System.
Are you in need of some financial assistance to push through with a project? If you are a member of the Social Security System, you may turn to the loan offers of the state-run social insurance institution.
Millions of Filipinos are members of the Social Security System. The members of the state-entity make a monthly contribution to the state entity to maintain updated accounts. It is the way to qualify for the loans and benefit offers of the SSS.
Asside from the SSS Housing Loan and the SSS Calamity Loan, the social insurance entity also has the Salary Loan offer. You can check its details below.
The SSS Money Loan is open not only for locally-salaried and non-salaried members of the Social Security System but as well as the overseas Filipino worker (OFW) members of the state entity. To qualify, the member-borrower must have posted at least 36 monthly contributions.
The member-borrower’s employer must be updated in the payment of contributions. The member must have not been granted final benefit and has not been disqualified due to fraud committed against the SSS.
How much is loanable under the SSS Money Loan offer? The borrowing amount allowed by the state entity depends on the total controbutions posted by the member. Here’s a guide:
One-Month Salary Loan
The One-Month Salary Loan is equivalent to the average of the latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower, by the member-borrower. It is open for members who have posted at least 36 monthly contributions.
Two-Month Salary Loan
The Two-Month Salary Loan is equivalent to twice the average of the latest posted 12 Monthly Salary Credits (MSCs), , rounded to the next higher monthly salary credit, or amount applied for, whichever is lower, by the member-borrower. It is open for members who have posted at least 72 monthly contributions.
With regards to the loan term available under the SSS Money Loan, the loan is payable for up to 24 monthly installments.
Are you interested to apply for the loan offer? There are a few SSS Money Loan requirements that you need to submit for application.