Are you looking for sss online loan application then this article is for you with all the information about sss online loan application.
A lot of OFWs are unaware that they can take advantage of salaried loans via the Social Security System (SSS) even when they are in another country. The loans are available to fulfill whatever needs you have. We have outlined some key factors for you. We hope you find this article helpful when applying for the loan you need. Learn more about the best way to avail this benefit.
SSS is among the numerous offices that aim to ease the lives of Filipinos at home and abroad. It is a state-run social insurance plan that provides insurance to people working in the private, professional and informal sectors.
SSS Online Loan Application
H salary loan the applicant must have paid the equivalent of 36 months’ contributions. Six of these contributions must have been paid in the past twelve months preceding the date of application submission.
To be eligible for an 2-month loan for salary member must have made an amount of 76 monthly payments. Six of those contributions must have been received within the twelve months preceding the application for the loan.
- You must be not older than 65 years of age when you submit application.
- The member must never be a beneficiary of a last benefits like retirement, total disability or death.
- The applicant is required to not be exempted for fraud committed against the SSS.
What is the maximum amount that can be granted as a loan?
Members can take advantage of the loan on the basis of an average of 12 monthly salary credits , or MSCs.
For a one-month salary credit the amount is calculated on the MSC or the amount of loan, whichever is less.
For a salary loan of two months the amount is calculated on the twice of that amount of MSC or the amount of the loan, whichever is less.
How long do you have to be able to pay for to get the money?
You are able to pay for the loan in monthly installments of 24. The installments will start on the 2nd month following being approved and released of loan. All payments must be made prior to the deadline for payment according to SSS Circular 2011-03.
What is the interest rate on the loan for salary?
A SSS salary loan will be with a 10% annual interest. The basis for this is the decreasing principal amount. Any extra payment made will be applied to the principal amount.
In the event of late payments, what happens?
If a member is unable to pay in time in time, there will be an additional 1% fee added on your credit card.
Do you have service charges?
Yes. It is true that the SSS is required to charge one per cent service fee and subtract it from loan funds.
How can how do I submit an application for loan to pay my salary? Here’s The Procedure:
These are the steps you should follow in order be eligible for a loan to pay your salary:
- Fill out the Membership Loan Request Form. It is available for download from the SSS website or provided from SSS Office. SSS Office.
- Present the SSS ID. If you don’t have an SSS IDs, then you have to fill out an E-6 form.
- Two valid IDs must be presented.
- You must wait for the application process to be completed.
Who is eligible for a loan for salary?
If you don’t want to file the salary loan, then you may let someone else file it for you. The person you choose to file the loan is going to be your representative.
He or she is required to bring the following items:
- Member-borrower’s Member Loan Application Form
- The Member-borrower’s Social Security System card with two IDs that are valid with photographs and signatures.
- Two valid identification documents of the representative authorized with photographs and signatures.
- Letter of Authorization which is signed by the member-borrower and his authorized agent.
If the loan for salary will be made through an employer’s representative they should submit the following documents:
- Member-borrower’s Member Loan Application Form
- It is the Authorized Company Rep card is issued by the SSS
- Letter of Authorization issued by your employer.
- Two valid IDs of the representative that include signatures and photos
- Stub for acknowledgement
Where do you file your Salary Loan?
You can apply for the loan or at an SSS Representative Office within the state in which you are stationed or, if there’s no SSS office, you may send take the application and supporting document to Philippines to be filed at the closest SSS branch.
What other information should I be aware of?
Documents from outside should be authenticated by a authorised official at the Philippine Consulate or Embassy.
The loan can be used to create a company or cover immediate needs. Be careful when using it and make sure that you be able to pay it back so that the money can be recirculated and aid others OFWs who are in need.
Hope the above information has helped you with sss online loan application and if not kindly drop a comment
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