Published: January 22, 2020 | Updated: April 16, 2020 | Posted by: Moneymax | Loans
This article was originally published on September 13, 2018 and was updated on April 6, 2020.
After a devastating storm, flood, earthquake, or any natural disaster, it’s only logical to get things back to normal. It entails so many expenses: the leaky ceiling needs to be fixed, your flooded car needs repairs, you need to make up for the lost income after many absences from work, and so on. This is where a calamity loan from SSS and Pag-IBIG comes useful.
However, unlike other government-issued loans, SSS and Pag-IBIG calamity loans are special types of loans that can’t be availed anytime and anywhere. They’re granted only to members in areas declared under the State of Calamity within a limited period. Still, it’s worth trying to request financial assistance from these government agencies. Here’s your quick guide to applying for a calamity loan in the Philippines.
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The SSS calamity loan is open to any member who meets these criteria:
Not yet. However, according to Fernan Nicolas, SSS Head of Public Affairs and Special Division, members can apply for the calamity loan online by the second week of April 2020 . The SSS will no longer ask for documents proving that the applicant’s area is under state of calamity since the entire country is now under calamity. Members can apply for a calamity loan worth PHP 20,000.
For the meantime, SSS members can apply for a calamity loan by dropping off their application in an SSS office nearby. Below are the steps.
You can apply for an SSS calamity loan within three months after the SSS issues a circular on providing assistance to affected members. Submit the original copies of the following requirements to the Member Services Section of any SSS branch.
OFW members may assign a representative to file their SSS calamity loan application. SSS requires these additional documents from OFW-borrowers:
You can download the SSS calamity loan form, Barangay Certification, and authorization letter on their website. For more information about the calamity loan, you may contact SSS through the following:
SSS will notify you via text or email once your loan application has been approved. This may take a few days, depending on the volume of applications received.
Any Pag-IBIG member who meets all these criteria can apply for a calamity loan:
Members with an existing Pag-IBIG loan such as housing loan or multi-purpose loan—as long as the loan isn’t in default—may still apply for a calamity loan.
You can apply for the loan within 90 days from the State of Calamity declaration in your area. To file your calamity loan application, go to any Pag-IBIG office and submit the required documents.
For more information about the calamity loan, you may inquire at the nearest Pag-IBIG branch, call 724-4244, or send an inquiry via the Pag-IBIG Fund Facebook Page.
Pag-IBIG will notify you via text or email so make sure that all contact numbers you provide are up-to-date. Loan approval may take 5 to 7 days, depending on the number of applications received.
If your area isn’t under the State of Calamity, you won’t qualify for an SSS or Pag-IBIG calamity loan even if you’re affected by a natural disaster. Here are some alternatives to consider when you need cash to cover an emergency after a calamity.
If you have a car, it helps to get an insurance policy with an Acts of Nature or Acts of God coverage. This will ease your financial burden when your car gets damaged due to flooding or any disaster.
It’s tough to recover after a disaster—so you need all the help you can get. A calamity loan from the government allows you to borrow money at a cheap cost, helping you get back on your feet soon.
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