List of SSS Calamity Loan Requirements Member Must Meet To Qualify
SSS CALAMITY LOAN REQUIREMENTS – For qualification to the Social Security System loan offer, here is the criteria that a member must meet.
Not many people will realize it until a natural disaster happens that it is really an advantage to maintain a good account in social insurance entities so you have something to turn to in times of calamities. One of these calamity loan-providing entities is the Social Security System.
More popularly called SSS, the Social Security System has been in the service of the Filipino people for decades already as a social insurance institution that provides several benefit offers and loans for its members. Aside from the SSS cash loan or salary loan that members may turn to, the social insurance giant also offers the SSS Calamity Loan.
Calamities are inevitable and the Philippines is one of the countries that are usually hit by typhoons and earthquakes. Through the years, countless Filipinos have availed the SSS Calamity Loan when a natural disaster has hit their place.
Who are qualified to apply for the offer? The SSS Calamity Loan requirements for application include some eligibility requirements which are as follows.
The SSS member-borrower…
- must be registered in the SSS Website (My.SSS facility) to facilitate filing of online application
- mhave at least thirty-six (36) monthly contributions, six (6) of which should be posted within the last twelve (12) months prior to the month of filing of application
- must have at least six (6) posted monthly contributions under the current coverage/membership type prior to the month of loan application for Self-Employed, Voluntary (including Non-Working Spouse), and Overseas Filipino Worker (SE/VM/OFW) members who are land based
- must be residents of the calamity declared areas and suffered damages/loss to their properties. A resident, for the purpose of CLAP, is one who has a home address or property at the calamity-stricken area
- have not been granted any final benefit, i.e., permanent total disability or retirement
- must have no past due SSS Short-Term Member Loans
- must not have an outstanding Loan Restructuring Program (LRP) or Calamity Loan Assistance Program (CLAP)
If the SSS member-borrower is employed, there are some SSS Calamity Loan requirements which must be accomplished or provided by the employer such as the following:
- The employer must certify the Loan Application of their employees and must attest to the following:
- The borrower is presently employed by the employer or the company.
- The employee’s net take-home pay is sufficient to cover the deduction of the loan monthly amortization.
- The employer shall be responsible for the collection through payroll deduction and remittance to the SSS of the amortization due on the employed member’s loan.
- In case the employed member is separated voluntarily (e.g., retirement or resignation) or involuntarily (e.g., termination of employment or cessation of operations of the company) from the company, the employer shall deduct the total balance of the loan from any benefit/s due the employee and shall remit the same in full to SSS.
- The employer shall report to the SSS the effective date of no earnings from the company of the employed member and its corresponding reason, through Payment Reference Number (PRN) – Loan Collection List (LCL) under the Real-Time Processing of Loans (RTPL) program, if the salary or benefit/s of the employed member is/are insufficient to fully repay his/her loan.
- The employer shall require a new employee to secure an updated statement of account through his/her My.SSS account, deduct the amortization due from his/her salary and remit the payment to SSS.
With regards to the SSS Calamity Loan requirements for the member-borrower, he/she must do the following:
- The member-borrower shall update his/her contact information by logging in to his/her My.SSS account through the SSS website or mobile application or by submitting a properly filled out Member Data Change Request Form (E-4) to the nearest SSS Branch.
- A member who transfers employment shall automatically authorize his/her new employer to deduct from his/her salary the corresponding amortization due, including any interest or penalty for late remittance.
To apply for the SSS Calamity Loan offer, a member- borrower may file/submit the calamity loan application online thru the My.SSS Website, or thru the MySSS App. The member-borrower shall enroll/nominate his/her valid bank account in the Disbursement Account Enrollment Module (DAEM) and shall be used as mode of disbursement of calamity loan application by accessing the member’s My.SSS account.