FAQ
How much is the interest charged on a salary loan?
The loan shall be charged a nominal interest of 10% per annum. First year’s interest shall be deducted in advance from the proceeds of...
FAQ
In case a loan is not paid, how much is the delinquency interest?
Loan amortization not remitted on due date shall bear a penalty of 1% per month.
FAQ
Is there a service fee when applying for SSS salary loan?
Yes. A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan.
FAQ
When can a member renew salary loan with the SSS?
The SSS salary loan may be renewed after the prescribed amortization period of two (2) years. Balance of P500 or less shall be deducted...
FAQ
How does a member pay back the SSS salary loan?
For employed member-borrower (including participants of the fast track program), the first deduction from their salaries shall start on the second month following the...
FAQ
What are the obligations of the employer to the SSS?
The employer shall be responsible for the collection and remittance to the SSS of the amortization(s) due on the member-borrower’s salary loan through payroll...
FAQ
In case of transfer, separation, or resignation, how can a borrower pay back the loan?
In case a member-borrower is separated voluntarily, (e.g. retirement or resignation) or involuntarily, (e.g. termination of employment or cessation of operations of the company),...
FAQ
In case of member-borrower’s death, total disability or retirement, what happens to the unpaid loan?
In case of member’s’s death, total disability or retirement under the Social Security Act, the entire amount or any unpaid amount of the loan...