Just recently, Me and a Colleague of mine was discussing about the convenience of applying for an SSS Salary Loan for the third time.
Little did we know, another colleague from the next table is overhearing our conversation.
She asked us, how do we know if we are eligible to avail another SSS Salary Loan. Hearing the tone of her voice shows that she want’s to apply for an SSS Salary loan for the first time.
We’ll she’s a quite young and fresh from college that’s why we understand her innocence on this matter because these things are not taught inside the classroom.
So our lecture to her began…
If you are a first time SSS Salary Loan Applicant, you must consider the next items below:
This applies to all Members currently employed, currently contributing self-employed or voluntary member.
If This is NOT your first time to apply for an SSS Salary Loan, logically, you are an SSS Member who seeks for a Salary Loan Renewal.
If you didn’t qualify as a First Timer Salary Loan Applicant, then the following rules below should apply to you:
If you are still unsure of the things mentioned above, you can easily verify your eligibility for SSS Salary Loan Renewal by logging in to your SSS Online Account.
Log in to your SSS Online Account. Correctly enter your SSS User ID and Password then click the “Submit” button at the bottom.
After logging in to your account, it will direct you to the same image below. On the Menu, where you can see the links “HOME”, “E-SERVICES” and “MEMBER’S PROFILE’, point your mouse cursor to “E-SERVICES” to show the sub menu inside it.
Click the “Inquiry” link to proceed.
By clicking the “Inquiry” link, this will show your SSS Employee Static Information. Above it, another list of links will be displayed. These are the “Member Info”, “Benefit”, Maternity Notification” and others.
Now, point again your mouse cursor to the “Eligibility” and click on the “Loan” link.
For security reasons, your Employer ID Number is required to be entered.
Once done, you will see (almost) the same image below. At the bottom, in the “Available Loans” section, you will see if you are eligible for another loan.
In my case, I am not yet eligible for availing another Salary Loan for the mean time.
As shown in the image above:
50% of the Loan Term has not lapsed. 50% Renew Date is on :01-01-2016
The reasons why I am not yet eligible for a loan is that I didn’t reached yet the 50% of the Loan Term. Remember from the rules of SSS Salary Loan Renewal that I’ve mentioned above?
A Renewal shall be allowed after payment of at least 50% of the original principal amount and at least 50% of the term has lapsed. In simple words, the amount due must be equal or less than 50% of the original principal amount.
To summarize what we’ve just talked about. There are two ways how you can easily know if you are eligible for an SSS Loan.
First one is through your SSS Online Account which will take you more or less 5 to 10 minutes of your time.
While the second one is by identifying yourself if you are a “First Time” SSS Salary Loan Applicant or not. Take note that there are several rules that needs to be aware when you identified yourself as a First Time Salary Loan Applicant. That goes also to the SSS Members who are trying to renew their loans.
Let me know your thoughts on my tutorial guide. Do you know any better ways to do this? Happy to hear from you!