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 the…
Loan amortization not remitted on due date shall bear a penalty of 1% per month.
Yes. A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan.
The SSS salary loan may be renewed after the prescribed amortization period of two (2) years. Balance of P500 or less shall be deducted from…
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 date…
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 deduction.…
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), the…
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 as…
An employed member shall submitan accomplished SSS Form ISL-101 (Member Loan Application Revised March 2004) and present the digitized SSS ID cards or E-6 acknowledgement…
A borrower may file the salary loan application at the nearest SSS branch or representative office.