Friday, September 23, 2022

How to Apply for SSS Loans

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Social Security System is a government insurance program dedicated to the workers of the Philippines. The social insurance policy started in 1957 after President Manual A. Roxas proposed the bill. One of the primary services of SSS is financial aid (or assistance) in the form of salary loans.

A major hitch when applying for SSS loans is the congestion in SSS centres or establishments. To mitigate the problem and to deliver better service to its members, SSS has launched an online system designed to cater a great volume of customers who want to apply for loans at their very own convenience. This is great news to SSS members since there will be no longer hefty paperworks and long queues. Only that, the person applying for loan should inform his or her employer to certify the document.

Who is Eligible to Apply for SSS Loans

  1. Must be an SSS member
  2. Must have 36 to 72 monthly contributions prior to the filling of application depending on the type/length of loan.

What are the Requirements for SSS Loans
When filing for SSS loan, the following requirements should be fulfilled by the applicant:

  • SSS Form
  • SSS ID card or E-6 form
  • 2 valid identification with recent photos, one of which should have date of birth
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Valid IDS include driver’s license, PRC card, passport, postal ID, school ID and TIN card.

How to Apply for SSS Salary Loan
To apply for SSS loans online:

  1. Go to the website (www.sss.gov.ph) and register. The person has to create a username and a password.
  2. Upon logging in, go to TRANSACTION tab under the MAIN MENU then select the SALARY LOAN. As mentioned previously, the person applying for loan should notify his or her employer. Otherwise, the loan will not be approved and the application will be rejected.
  3. If qualified, set the loan amount. Read the terms and conditions and click PROCEED. Note that the maximum amount for salary loan is Php 30, 000.
  4. Save or print the DISCLOSURE STATEMENT which includes the amount loaned, schedule of payment and other charges.

Note: The procedure for salary loan request may take up to 3 weeks from the date of application. You will be notified when to claim the check.

sss-benefit

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How to Pay Back the SSS Salary Loan
Salary loans are payable for 2 years in equal monthly installments with a nominal interest of 10% per year. In the event the loan is not paid on time, a penalty of 1% may be applied. It should be mentioned that the person can only re-apply a loan after the amortization period of 24 months, and 500 php may be charged before a new loan commences. Monthly payments for the loan are obtained through payroll deduction. For volunteer and self-employed individuals, they have to settle the payment in SSS centres.

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