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A SSS Salary loan is intended to meet a SSS Member’s short term credit needs. SSS Salary Loan is payable two years with a 10% interest rate for one year. If you’re planning to apply for your very first SSS Salary Loan, you just have to submit the following requirements:
A one-month SSS Salary loan is equal to the average of the Member’s latest 12 monthly credits posted. While a Two Month loan is twice the average of the member’s latest 12 monthly salary credits but this must not exceed P24,000. Nonpayment of loan charges 1% per month. Another thing, SSS charges you a 1% Service fee of the loan amount and also deducted from your check.
Everybody loves receiving money. When I got my first check, I got to smile every time I think of it. Payday arrives and saw my pay slip with deductions from SSS, though it’s not that much. Remember, your SSS Salary loan is payable for two years. If you had a P12,000 loan from them, you have to pay them P500 plus every month. That’s what I’m saying about “The Burden”.
Both SSS Salary loans were payable in two (2) years or 24 equal monthly installments and with an interest rate of 10% per year. First year’s interest is already deducted in advance when you received your check while the second year’s interest is included proportionately in your monthly amortizations/payments. Payments for SSS Salary Loan are made on or before the 10th of the month.
The loan may be renewed after the prescribed amortization period of two (2) years. Balance of P500 or less shall be deducted from the proceeds of the new loan.
If you are:
An employed member can submit an accomplished SSS Form ISL-101 Member Loan Application Revised March 2004 which you can download by clicking this link and present the digitized SSS ID cards or E-6 acknowledgement stub with 2 (2) IDs listed below one of which with recent photo and date of birth.
A self-employed, voluntary member, overseas worker, non-working spouse, farmer or fisher folk and house hold-helper shall submit an accomplished SSS Form ISL-101 and present the digitized ID card or E-6 acknowledgement stub with any two (2) of the following valid IDs, one of which with recent photo and date of birth.
After accomplishing every single requirement, you can now head down to the nearest SSS branch or representative office. The SSS Representative/Officer will tell you about the when will you receive your check for you to be able to pick it up (applies only to Self Employed). Employed Members can wait in their office tables because SSS will send your check to your Employer.
Still looking for easier way to apply for SSS Salary Loan? Why don’t you try to Learn How to Apply for SSS Salary Loan Online. I highly recommend applying SSS Salary Loan Online first before doing it manually. Let us know in the comments which way you find more effective.