Guide on the SSS Salary Loan Interest Rate Implemented To Borrowers
SSS SALARY LOAN INTEREST – Here is a guide on the interest rate under the Social Security System’s salary loan offer.
One of the things that you should consider if you are running a business, a self-employed individual, or an employee of a private company is to get yourself to become a member of the Social Security System. It is commonly called SSS.
The SSS is a social insurance program that provides a lot of benefits to its members. Among the SSS benefits are assistance during sickness and maternity leave. The benefits also extend to pension or retirement benefits, death claim, and funeral assistance for the family of the deceased member.
Aside from the aforementioned benefits, the Social Security System also offers different kinds of loans to its members. One of them is the SSS Salary Loan.
Under the salary loan offer of the Social Security System, a member-borrower may apply for a loan that is equivalent to either a one-month salary or a two-month salary. It require at least 12 SSS monthly contributions.
Based on the official website of the social insurance institution, the SSS Salary Loan interest rate is at 10% per annum. It is based on a diminishing balance scheme and the borrower may pay for the loaned amount through as much as 24 monthly installments.
Aside from the 10% interest rate per annum, there is a penalty in case the loan amortization is not remitted on the due date. A 1% penalty per month until the loan is paid in full will be implemented.
Are you interested to apply for the salary loan offer? Visit – SSS Salary Loan.
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