Guide on How Much You Can Get From Your SSS Loan Renewal (Member Salary Loan)
SSS LOAN RENEWAL – Here is a guide on how much you can possibly get from renewing your Social Security System (SSS) member salary loan.
A huge part of the Filipino populace is a member of the Social Security System. More commonly called as SSS, it is a social insurance institution ran by the government. Most of its members are Filipinos working in private companies or in the private sector.
Aside from those employed in private companies, businessmen and self-employed individuals may also apply for SSS membership. A member must pay for the SSS monthly contribution rate to be entitled to the benefits and privileges provided by the social insurance institution.
Among the offers of the SSS are loans. One of them is the SSS Salary Loan which is open to the working-members of the social insurance program.
Based on the official website of the SSS, under the Salary Loan offer, a borrower may get a one-month salary loan or a two-month salary loan. The applicant’s eligibility for the offers will depend on his or her total monthly contribution posted.
For a borrower to be eligible for a one-month salary loan, he or she must have paid at least thirty-six(36) total monthly contributions. For the two-month salary loan, at least seventy-two(72) total monthly contributions is required.
What if I have an existing salary loan to the SSS?
SSS members who have existing salary loan to the social insurance institution may still apply for a loan. It is under the renewal offers provided that at least half of the existing loan has been paid and at least 50% of the term has passed.
How much can I get under the SSS loan renewal?
Under the SSS loan renewal, the proceeds will depend on the balance of your existing loan. It will be deducted from your new loan. A borrower may get equal or higher than zero as long as the principal balance has been paid.
For a guide on how to apply for the said loan offer and the requirements that you need to prepare, visit – SSS SALARY LOAN: How To Apply For Salary Loan To SSS.
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