SSS Loan Online – The Social Security System (SSS) Salary Loan is a type of short-term loan designed to provide immediate financial assistance to SSS members who are in need. This loan is payable in 24 months and comes with an interest rate of 10% per annum.
This can be a helpful option for SSS members who need immediate financial assistance. However, it’s important to consider the interest rate and payment terms carefully before applying to ensure that you can afford to repay the loan on time. So here’s everything you need to know about SSS Loan Online.
How to Apply for SSS Loan Online
Here are the detailed steps on how to apply for the SSS Loan online:
- Log in to your My.SSS account on the SSS website.
To apply for the SSS Salary Loan online, you need to have a My.SSS account. If you don’t have one yet, you can create one by visiting the SSS website and clicking on “Not yet registered in My.SSS.” Follow the instructions provided to create your account.
- Under the E-Services tab, select “Apply for Salary Loan.”
Once you’re logged in to your My.SSS account, click on the “E-Services” tab located at the top of the page. From the drop-down menu, select “Apply for Salary Loan.”
- Input the required information, such as your preferred loan amount, loan term, and desired payment term.
Once you’ve selected “Apply for Salary Loan,” you will be directed to a page where you need to input the required information. Make sure to double-check the details you input to avoid any errors.
- Click the “Submit” button to complete your application.
Once you’ve inputted all the required information, review your application before submitting it. Once you’re ready, click the “Submit” button to complete your application.
- Visit any SSS branch or accredited bank to claim your loan proceeds. Bring a valid ID and your UMID card or SSS ID for verification.
After submitting your application online, you need to visit any SSS branch or accredited bank to claim your loan proceeds. Bring a valid ID and your UMID card or SSS ID for verification.
That’s how to apply for SSS Loan Online!
Computation of SSS Salary Loan
The loanable amount for SSS Loan Online depends on your monthly salary credit, which is the basis for computing your contributions. The following is a sample computation for the loanable amount and monthly payment:
Assuming your monthly salary credit is Php 20,000, you can borrow up to Php 16,000, which is equivalent to 80% of your average monthly salary credit.
If you opt for a 24-month payment term, your monthly payment will be Php 861, which includes the principal amount and interest.
Frequently Asked Questions (FAQs) about SSS Salary Loan
- How often can I avail of the SSS Salary Loan?
You can avail of the SSS Salary Loan once every six months, as long as you have paid at least half of your previous loan.
- Can I pay my SSS Salary Loan in advance?
Yes, you can pay your SSS Salary Loan in advance without any penalty. In fact, doing so can help you reduce the total interest and payment term of your loan.
- What happens if I fail to pay my SSS Salary Loan?
If you fail to pay your SSS Salary Loan, you will incur penalties and interest charges, which can make your loan more difficult to pay off in the long run. It’s important to make your payments on time to avoid any negative consequences.