Guide on the SSS Loanable Amount Under Salary Loan
SSS LOANABLE AMOUNT – Here is a guide on the amount that you can borrow from the Social Security System through its Salary Loan.
A huge part of the Filipino populace in the Philippines are members of the Social Security System (SSS), a state-run institution that provides insurance to people working in private companies and sector.
Members of the said institution pay for SSS monthly contribution to be able to avail its benefits and privileges. Among the SSS benefits are the following:
- Sickness Allowance
- Maternity Allowance
- Disability Cash Benefit
- Retirement Benefit
- Death Claim
- Funeral Assistance
Aside from the aforementioned benefits that are usually in the form of monetary assistance, another privilege for SSS members is a salary loan offer.
Based on the official website of the Social Security System (SSS), the Salary Loan is open for active members who are employed, self-employed, or voluntary.
Under the said loan offer, active-paying members may borrow money from the social insurance institution depending on their contribution – either a one-month loan or a two-month loan.
According to SSS, to avail a one-month loan, the applicant must have posted at least 36 monthly contributions prior to the month of application.
With regards to the two-month loan, the applicant should have contributed at least 72 monthly contributions prior to the month of application.
For the SSS loanable amount under the salary loan offer, here is the explanation of the social insurance institution:
- A one-month loan is equivalent to the average of member’s last twelve (12) monthly salary credits (MSCs), or the amount applied for, whichever is lower.
- A two-month loan is equivalent to twice the average of the member’s last twelve (12 ) MSCs posted, rounded to the next higher MSC, or the amount applied for, whichever is lower
According to SSS, the amount granted will be charged to an interest rate of 10% annually. It can be paid in installment for up to two(2) years.
Are you interested to apply?
VISIT: SSS SALARY LOAN – How To Apply For Salary Loan To SSS
Good day Madam / Sir
I would like to ask regarding my Salary Loan concern. I inquired thru online process about the total amount payable to become available for renewal. The website reply that my balance as of May 5, 2024 is P21,942.00 and it said that suppose my balance is 19,500. So I did the PRN request thru online for the payment. I paid P2,500 – Mat 5, 2024 and then i inquired again and it said that need for fund more to qualified . I sent P185.00 again.
Now, I inquired the online for renewal purposes. But the result is
Loanable Amount – P40,000.00
Net Amount – P605.76.
I would like to know how did arrived that amount. Please I want to avail the Loanable amount I really need money.
Thanks poh