Members of SSS that falls to the following category may apply for a salary loan:

 

Currently employed;

Contributing self-employed;

Voluntary member;

Member whose employer must be updated in the payment of monthly contributions;

Member that is under sixty-five (65) years of age at the time of application;

Member who has not been granted final benefit, i.e. total permanent diasbility, retirement and death; and

Member who has not been disqualified due to fraud committed against the SSS.

 

SSS member who wish to apply for a one-month loan must have 36 posted monthly contributions, six of which should be within the last 12 months prior to the month of filing of application.  This loan is equivalent to the average of the member's latest posted 12 Monthly Salary Credits (MSCs) or amount applied for.

 

While those applying for two-month loan should have 72 posted monthly contributions, six of which should be within the last twelve months also prior to the month of filing of application.  The loan is equivalent to twice the average of the member's latest posted 12 MSCs, rounded to the next higher MSCs or the amount applied for, whichever is lower.

 

SSS members can pay any of the said loans in 24 monthly instalment starting on the 2nd month of the date of the loan, and due on or before the payment deadline.  There will be a 10% interest rate annually, based on diminishing principal balance.  If the loan is not fully paid after two years, this 10% shall continue to be charged on the outstanding principal balance until fully paid.

 

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