Social Security System (SSS) members had been encouraged by the management to make an online account in their official website. You can actually avail services without leaving the comforts of your homes provided that you have internet connection.
Members can file an application for Salary Loan without having to visit the SSS office. For voluntary members or self employed members to qualify for a loan, they must be currently paying contributions, had paid six months worth of contribution for the last 12 months before applying for a loan.
The borrowers must be updated in the payment of other loans. Simply put, if the borrowers wants to have a salary loan and they already have educational and housing loans under SSS or Unified housing Loan Program, they must have a proof that they are currently able to pay for those loans.
The borrowers must not have been granted a final benefit such as retirement, death or total permanent disability. You must currently be able to earn money yourself. The member must not be involved in a case of fraud under SSS.
The borrower must present SSS form ISL-111, E6 acknowledgment stub, two valid ID’s ( at least one ID must bare a recent photo and birthdate).
If you are planning to have the one month salary loan, you must havepaid contribution for 36 months prior to the application. If you are aiming for two month loan, 72 months of contributions must be posted prior to the month of loan application.
For the one month salary loan, you can get as much as the 12 months salary credit posted. For the two month loan, you can twice worth of 12 months posted salary credit but not higher than P24,000.
The loan may be paid in two years, divided in 24 equal installments. The loan will be charged with 10% nominal interest per annum. The first year’s interest will be deducted from the loan while the second year of the interest will be added on the monthly payments.
The loan amortization which had been failed to be remitted will be charged with a penalty of 1% each month. The service fee of 1% will be deducted from the loan. The borrower can pay the loan amortization in any SSS authorized banks on the 10th day of the third month after the date of the loan. If the loan’s date was in March, you can start paying on June 10th. Loan can be renewed after the previous salary loan had all been paid.
In case of the borrower’s inability to finish paying for the loan due to death, disability or retirement, the unpaid loan will be deducted from the benefits.