What is a SSS Salary Loan




How to Apply for SSS Salary Loan – This is the most updated guide out there that you can find about applying for your SSS Salary loan so make sure to ready your notes to avoid missing out the important details.

  • SSS Salary Loan – A cash loan granted to an employed, currently- paying self-employed or voluntary member. It is intended to meet the member’s short-term credit needs.

SSS Salary Loan is the most used loan by common employees in the Philippines. Simply because of it’s low interest and easy to apply procedure.

How much is SSS Salary Loan computation

  • A one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
  • A two-month salary loan is equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower.
  • The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term member loans.
How to Apply for SSS Salary Loan

SSS Monthly Credit Table

 

A one-month SSS Salary loan is equal to the average of the Member’s latest 12 monthly credits posted. While a Two Month SSS Salary loan is twice the average of the member’s latest 12 monthly salary credits but this must not exceed P24,000. Nonpayment of loan charges 1% per month. Another thing, SSS charges you a 1% Service fee of the loan amount and also deducted from your check.

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Eligibility Requirements to Apply for SSS Salary Loan

  1. All currently employed, currently contributing self-employed or voluntary member.
    • For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
    • For a two-month loan, the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.
  2. The member-borrower whose employer must be updated in the payment of contributions.
  3. The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death
  4. The member-borrower must be under sixty-five (65) years of age at the time of application
  5. The member-borrower has not been disqualified due to fraud committed against the SSS.

Documents and Valid ID needed to apply for SSS Salary Loan

There are different ways to apply for SSS Salary Loan depending on the who will be filing the application for you.

DOWNLOAD THE SSS SALARY LOAN FORM HERE: SSS Salary Loan Application Form by Olanap.com.pdf

  1. If filed by Member-Borrower
    1. Member Loan Application Form
    2. SSS digitized ID or E-6 (acknowledgement stub) with any two valid IDs, one of which with recent photo. To know the complete list of valid ID being accepted check out this LINK.
  2. If filed by Member-borrower’s Authorized Representative
    1. Member-borrower’s duly accomplished Member Loan Application
    2. Authorized Representative’s SSS card or any two valid IDs both with signature and at least one with photo. To know the complete list of valid ID being accepted check out this LINK.
    3. Letter of Authority (LOA) signed by both the member-borrower and member-borrower’s authorized representative
    4. Member-borrower’s SSS card or any two valid IDs both with signature and at least one with photo. To know the complete list of valid ID being accepted check out this LINK.
  3. If filed by Employer/Company’s Authorized Representative
    1. Member-borrower’s duly accomplished Member Loan Application
    2. Authorized Company Representative (ACR) card issued by SSS
    3. Letter of Authority (LOA) from employer and any two (2) valid IDs both with signature and at least one with photo
    4. Member-borrower’s SSS card or in its absence, Application for SS card (SSS Form E-6) acknowledgment stub and any two valid Ids both with signature and at least one with photo.



IMPORTANT NOTE: Original or certified true copies of the supporting documents should be presented during the filing of the claim.

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How to Apply for SSS Salary Loan

A borrower may file the salary loan application at the branch nearest the place of residence or business. A member who is registered at My.SSS can submit the salary loan application online if you still dont have it you can register here. The salary loan submitted online by an employed member will be directed to the employer’s My.SSS account for certification, hence, the employer should also have an SSS Web account.

OFW members may also file their salary loan application at the SSS Foreign Representative Offices in selected countries. In case there is no SSS office in a particular country they may send their application and supporting documents to their relatives here in the Philippines and authorize them to file at the SSS branch. Documents issued in other country should be duly authenticated or certified by the Philippine Consulate Embassy.

How to Apply for SSS Salary Loan

Create an account on My.SSS

 

Note: The employer shall submit an updated Specimen Signature Card (SS Form L-501) to be updated annually to avoid delay in the processing of salary loan applications.




That’s it!

It may take 3-4 weeks for your Salary loan to be delivered on your Mailing Address so be patient. Hope that you won’t be having a hard time applying. If you found this guide useful we will greatly appreciate if you share this to your friends. Don’t forget to LIKE our Facebook Page, or join our Mailing list for our updated posts. You can also email us at hello@olanap.com Adios!