One of the advantages of being a member of the SSS is the ability to apply for a Personal Loan. This is a type of fund that will assist you in your financial challenges while preventing you from becoming trapped in high-interest debt.
However, you must first understand the qualification. It does not imply that just because you are a member of SSS, you are immediately eligible for a loan.
Qualification to Apply SSS Loan
There are several requirements that must be met in order for you to qualify. Make a checklist using a pen and paper.
- You must have made a continuous contribution for at least 36 months.
- Individuals must have worked for the company for at least 12 months before applying.
- Your contribution should be up-to-date
- In the alternative, the borrower’s final benefits, such as complete permanent disability, retirement, or death benefits, should not be maximized.
- You must be under the age of 65. (time of application)
- You should have a strong SSS record and no history of disqualification due to SSS fraud.
If you think that you are qualified then, you can now submit the application.
How much is the maximum amount can I loan?
The amount you may borrow from SSS is really determined by your overall contributions.
- At least 36 monthly payments are required, with a maximum loanable amount of one month’s wage.
- At least 72 monthly payments are required, with a maximum loanable sum of two months’ wages.
What are the requirements in Applying for SSS Loan?
Here is a list of the IDs accepted in applying for this loan offer:
- Driver’s License
- Professional Regulation Commission (PRC) ID card
- Passport
- Postal ID
- School or Company ID
- Tax Identification Number (TIN) card
- Seaman’s Book
- Membership card issued by private companies
- Overseas Worker Welfare Administration card
- Senior Citizens card
- Voter’s Identification card/Affidavit/Certificate of Registration
- ATM card
How to apply for an SSS Loan?
SSS offers two loan application options: (1) manual application and (2) online application.
1. To file a manual application, go to the nearest SSS branch or the SSS branch of your employment. Always remember to bring all of the above-mentioned prerequisites.
2. To apply online, go to:
Go to your SSS Online Account and sign in. Do you need to create an SSS Online Account? Here is the Guide https://workrelatedph.com/business/how-to-apply-and-get-sss-number-online/
- In your SSS Personal Account dashboard, go to e-services tab and there is drop down menu list and select “Apply for a Salary Loan”
- Once you have selected, the application form will show, fill it out and submit
- Check your email for reference of the application.
You may view the anticipated loan and your monthly payment on your SSS dashboard while you’re filling out the application.
Depending on how your SSS Account is set up online, your loan can be provided as a check or put into your bank account.
How long do I have to pay back my SSS loan?
In general, the SSS loan is good and may be paid off in 24 months if paid in installments. Once accepted, the due date is also stated on the form or on your SSS dashboard.
How to pay my SSS Loan?
If you are working, please offer your employer the check or reference for your authorized loan, and your employer will assist in the collection and payment process.
You may also make a payment using the internet. GCASH, PayMaya, Unionbank, and other banks are likely to allow online payments. Visit https://www.sss.gov.ph/ for additional information.