Know All About Loan In Sss For 2023
Know All About Loan in SSS For 2023
What is SSS Loan?
SSS loan is a kind of loan that is offered by the Social Security System (SSS) in the Philippines. It is a loan program that is primarily designed to help active members of the SSS who are in need of financial assistance. The loan is usually payable in 24 months and is payable via salary deductions.
Types of SSS Loan
There are two types of SSS loans, namely the Calamity Loan and the Salary Loan. The Calamity loan is intended for members who are affected by calamities and disasters and can be used for repairs and reconstruction of houses, purchase of basic necessities, and payment of medical bills. The Salary Loan, on the other hand, is a loan that is available to active members who have contributed for at least 12 months. This loan can be used for personal needs, medical and other expenses, educational expenses, and business needs.
Requirements for Applying for an SSS Loan
In order to apply for an SSS loan, you must be an active member of the SSS and must have made at least 12 months of contributions to the SSS. You must also have a valid SSS ID, a filled-out loan application form, and two valid IDs. Lastly, you must also provide proof of income and proof of your current employment.
How to Apply for an SSS Loan?
Applying for an SSS loan is easy and convenient. First, you must fill out the loan application form that is available at the SSS office or website. You will then be required to submit the necessary documents such as your valid IDs, proof of income, and your current employment. Once your application has been approved, you will be given a loan reference number, which you must use to make your payment.
How Much Can You Borrow from SSS?
The amount of loan that you can borrow from SSS depends on your monthly salary, your current SSS contributions, and your current loan balance, if any. The maximum loanable amount is usually equivalent to your monthly salary multiplied by two and a half or three times. However, the actual loanable amount may vary depending on your individual payment history.
Interest Rates and Payment Terms
The interest rate for SSS loans varies depending on the type of loan. For the Salary Loan, the interest rate is 10.75% per annum while for the Calamity Loan, the interest rate is 6% per annum. The loan is usually payable in 24 months and the payment will be deducted from your salary each month.
Conclusion
SSS loan is a great option for members who are in need of financial assistance. It is easy to apply for and the terms and conditions are very favorable. It is important, however, to make sure that you are eligible for the loan and that you can make the loan payments on time. This way, you can ensure that you will be able to enjoy the benefits of an SSS loan.
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