When are you allowed to renew your SSS Member Loan or Salary Loan?
SSS MEMBER LOAN – Here is a guide on when a member of the Social Security System can renew his or her existing salary loan.
The Social Security System (SSS), a government-run insurance institution in the Philippines for self-employed individuals and employees of the private sector, got different loan offers for its members.
Based on the official website of the Social Security System, under the SSS Salary Loan, an applicant may be eligible to apply for a one-month salary loan or a two-month salary loan.
The one-month salary loan is equivalent to an average monthly salary of the applicant based on the latest posted wage credits. It is open for members who have paid at least 36 monthly contributions.
To be eligible for the two-month salary loan, a member should have paid at least 72 monthly contributions to the social insurance institution.
According to SSS, the interest rate charges under the salary loan offer is at 10% per annum. It can be paid for up to 24 monthly amortizations. The deductions from the loan includes the 1% of the loan proceeds as a service fee.
With regards to the possibility of renewing your loan, you may renew your SSS member loan after reaching at least half or 50% of the term. Also, a 50% payment of the original amount is required in the renewal.
Based on the post on SSS, in renewing an SSS member loan, the balance on the previous loan is deducted and the proceeds should be any amount higher than zero.
In case you are planning to apply for a salary loan to the SSS, visit – SSS SALARY LOAN: How To Apply For Salary Loan To SSS.
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.