Here is a guide on the minimum and the maximum loanable amounts under this Social Security System (SSS) loan offer.
One of the biggest social insurance institutions in the Philippines is the Social Security System or more commonly called as SSS. Most of its members are employees of private companies and self-employed individuals.
Meanwhile, the SSS is also open for voluntary membership under certain conditions. Members of the said social insurance institution pay for a monthly contribution and accumulated contributions makes a member eligible for its benefits and loan offers.
The said loan offer is provided by the SSS to help the members meet their needs or obtain some cash for whatever purpose it can serve them best. To be eligible to apply for the said loan offer, the applicant must:
- be having at least 36 monthly contributions posted to SSS
- be updated with regards to the monthly contributions
- be less than 65 years old upon the loan application
- have no fraud cases against the SSS
- have not received final benefits from the SSS
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Do you want to know the minimum and the maximum loanable amounts under the SSS Salary Loan? The amount that you can borrow under the said offer actually depends on your total monthly contribution.
- At least 36 monthly contributions = one-month salary
- For example, if you are receiving Php 15,000.00 monthly, you can borrow up to Php 15,000.00 from the SSS.
- At least 72 monthly contributions = two-month salary
- For example, if you are receiving Php 15,000.00 every month, your maximum loanable amount under this loan offer is twice your monthly salary or Php 30,000.00.
Are you interested to apply? Visit How To Apply For SSS Salary Loan
In applying for the said loan offer, you must prepare at least two (2) valid IDs. To check on the list of IDs accepted by the social insurance institution, you may visit – List of IDs Accepted in Applying for SSS Salary Loan.
Amid the COVID-19 pandemic in the Philippines now, the Social Security System has put up an easier, more convenient, and safer way of applying for a loan. You don’t anymore need to visit a branch of SSS to begin your application. You can do it online. For a guide, you may visit – Guide on Online Application for SSS Salary Loan.
Acknowledgement: This article is sponsored by Usapang Hanapbuhay.
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