Published: February 6, 2021 | Updated: February 7, 2021 | Posted by: Moneymax | Government Services
The COVID-19 pandemic has certainly affected everyone’s finances. Good thing, applying for an SSS salary loan is a lot easier now. Thanks to a more developed online system, members can enjoy a smoother SSS online registration process and quicker salary loan processing time.
Keep reading if you’re planning on applying for an SSS salary loan soon.
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SSS members who have at least 36 months total contributions and 6 months of contributions in the last twelve months can apply. The salary loan amount is equivalent to one month’s worth of salary.
You can also apply for a two-month salary loan. But you should have at least 72 months of posted contributions and 6 months of contributions in the last twelve months.
Not sure how many months of contributions you have to loan from SSS? You can find all your SSS contributions on the My.SSS portal. Just log in to your account and click on Inquiry. Select Contributions to see your total number of contributions.
If you‘re employed, your employer must have up-to-date loan remittances and monthly contributions. You must also have up-to-date payments of other loans acquired. This includes housing loans from the Unified Home Lending Program (UHLP) of the government. Furthermore, you should not have received the SSS final benefits as well, like retirement and death benefits.
Curious to know how to get a loan from the SSS online? Employed SSS members need to prepare the following:
OFW-members can apply for a salary loan at SSS Foreign Representative Offices within their current area. If unavailable, OFWs can designate a representative to submit their application and documents in the Philippines.
Note that original copies of supporting documents must be provided on the application.
If you don’t want to visit an SSS branch, you can apply for a salary loan online via the My.SSS portal. Check out this SSS online registration guide if you have not registered yet. It will teach you the steps to register for an account and how to fill out the SSS loan form, just to name a few.
Once you have successfully registered, follow these simple steps.
Note: On December 21, 2020, the SSS issued an advisory regarding its salary loan disbursement. Employers and members should upload proof of ownership of the bank/e-wallet account enrolled in the Disbursement Account Enrollment Module (DAEM) of the SSS website.
Once your SSS salary loan application is submitted, your employer has three working days to certify your application. You’ll be notified through email about your SSS salary loan application status. There will also be a text message to notify you if your loan has been approved.
If you see this message, it means that your salary loan has been approved. To check your loan status, you can log in to your My.SSS account. Click “Inquiry” and then “Loan Info.” Here, you’ll see your loan status and other loan details. You’ll also receive another notification via SMS or email if your check is ready to be delivered or credited to your bank account.
Borrowers need to pay their salary loan in 24 monthly installments. The monthly amortization begins on the second month following the date of the loan. It’s due on or before the SSS salary loan payment deadline detailed below:
The interest rate on the loan is 10% per annum based on diminishing principal balance. This will continue to be charged on the outstanding balance until fully paid.
In cases where the loan defaults, the unpaid amount will be deducted from benefits claimed by the member.
Members with outstanding loans must also inform the agency via mail, email, or over-the-counter at the nearest SSS branch of any changes to address or employer. The notice should include the SSS number along with the member’s name and signature.
Related Article: 10 Helpful SSS Benefits You Might Not Know Of
If you want to know how to pay your SSS salary loan online, it’s just like paying for your SSS contributions. You’ll need the Payment Reference Number (PRN) for your loan so that your payments will be instantly transmitted and validated.
For individual members, you’ll receive your SSS loan PRN by email, SMS, or through your My.SSS account. You can also make a PRN loan inquiry over the counter at SSS branches or through e-Service Centers. Once you receive your PRN, you can pay through the different accredited payment channels listed below.
Providing a salary loan program is one of the ways SSS gives back to members who contribute regularly. In today’s COVID-19 reality, consider using your SSS salary loan to provide for your family’s immediate needs. You can also use it to grow your savings again, fund a small business, or pay your bills. It’s easier to apply for one now, anyway. The SSS loan processing time is a lot shorter, too.
Not sure if an SSS salary loan is right for you? Looking for other loans with an easier application process and faster approval time? Check out these options and apply through Moneymax!
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|Citibank Personal Loan|
|EasyRFC Multi-Purpose Loan|
|SB Finance Personal Loan|
|TALA Personal Loan|
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