Guide on SSS Cash Salary Loan Balance in Case of Death of Member-Borrower
SSS CASH SALARY LOAN – Here is a guide on what will happen to the loan balance in case the member-borrower dies before the loan maturity.
A lot of people found the solution to their financial insufficiencies through their membership in the Social Security System or more commonly called SSS. This social insurance institution is run by the state and continues to deliver its services to the people since the 1950s.
Most of the members of SSS are Filipinos who are working in private companies and those who are running their businesses may it be big or small. The social insurance institution also got voluntary members and those who also have memberships with the Government Service Insurance System (GSIS).
Some SSS members who are also GSIS members have worked in the govrnment before securing a job in the private sector or vice versa. They chose to maintain their membership.
SSS has several offers for its members including benefit offers and loans. If you are an active member of social insurance institution who meets the qualifications it set, you may apply for a salary loan, a housing loan, or a business loan.
In the case of the salary loan, it aims to address the short-term needs of members for cash. You may apply for its for several purposes like getting the car repaired, making a huge needed purchase, funding an event, etc.
In applying for the said loan offer, there is a limit on the monthly contribution and the loanable amount will depend on the account of the borrower. To check if you are qualified to apply for it and how much you may borrow, feel free to visit – SSS Personal Salary Loan: Who Are Qualified to Apply For It.
In case the member-borrower dies and the SSS Salary Loan has yet to reach its maturity date, the outstanding balance or the unpaid amount of the SSS loan including the interest of the loan will be deducted from the benefit of the deceased like the funeral benefit.
With regards to the interest of the loan, you may visit – SSS Salary Loan Interest Rate & the Maximum Loan Term.
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