Guide on the SSS Loan Service Fee under the Salary Loan Offer
SSS LOAN SERVICE FEE – Are you planning to apply for a salary loan to the Social Security System (SSS)?
If you are a member of social insurance institutions, you have turn tos in times when you would need some extra cash. For example, if you are a member of the Social Security System or more commonly called SSS, there are loans that you may apply for to respond to your financial needs.
Some of the loan offers of the social insurance institution serve specific purposes like the purchase of a residential property or the expansion of a business. Meanwhile, it also has offers that serve flexible purposes.
One of the flexible offers of the Social Security System is the SSS Salary Loan. You may even apply for it for the additional budget in traveling or funding a special event that marks a milestone in your life. It is open for qualified SSS members and not only to working members of the social insurance institution.
Do you want to check if you are qualified to apply for the offer? There is a required monthly contribution and your loanable amount may be affected by your total monthly contribution. You may visit – SSS Personal Salary Loan: Who Are Qualified to Apply For It.
Like in other loans, there is a service fee that will be deducted from your loan proceeds. In the case of SSS, the service fee is small. For the SSS loan service fee under the salary loan, it is equivalent to 1% of the loan amount.
For example, if you borrowed Php 9,500.00, your SSS loan service fee is Php 95.00. Since it will be deducted from the loan proceeds, you will get Php 9,405.00.
Aside from the low service fee, the social insurance institution also offers low interest rate. You may visit – SSS Salary Loan Interest Rate & the Maximum Loan Term.
Thank you for visiting Moneysense.ph and allowing us to help you with your concerns. We hope that we got your queries answered. You may check on other articles on our website.
READ ALSO: SSS Sickness Benefit 2021: Guide on Who May Avail It & the Requirements
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