Melo Villareal
How to apply for a Loan in SSS? Actual Steps
An eligible SSS member may file the salary loan application at any branch nearest the place of residence, work, or business. Those who are already registered at My.SSS can submit the salary loan application online.
WHO IS ELIGIBLE FOR AN SSS SALARY LOAN?
- All members who are currently employed, contributing self-employed, or voluntary members
For a one-month loan, the member-borrower must have thirty-six (36) posted monthly contributions, six (6) of which must be within the previous twelve (12) months.
For a two-month loan, the member-borrower must have seventy-two (72) posted monthly contributions, six (6) of which must have been made within the last twelve (12) months before the month of application filing.
- The member-borrower whose employer should be updated in the payment of contributions
- The member-borrower has not received final benefits, such as total permanent disability, retirement, or death.
- The member-borrower must be under sixty-five (65) years of age at the time of application.
- The member-borrower has not been disqualified because of fraud committed against the SSS.
HOW DO I APPLY FOR AN SSS SALARY LOAN ONLINE?
A member who has registered with My.SSS can apply for a salary loan online. To apply for a salary loan online, the member must first register at My.SSS. An employed member’s salary loan will be directed to the employer’s My.SSS account for certification; thus, the employer must also have an SSS Web account.
The following is a step-by-step guide on how to apply for a salary loan online:
- Visit the new SSS website and log in to the SSS Member portal
- Log in to your My.SSS account with your user ID and password
- Select “Apply for Salary Loan” from the E-SERVICES tab
- Select your preferred electronic loan disbursement channel
- Read and review the Disbursement Account Enrollment Module (DAEM) Reminder
- Register your bank account or mobile phone number via the Disbursement Account Enrollment Module.
- Wait for 1 to 2 working days to approve your Disbursement Account Enrollment.
- Now that your disbursement account has been approved, return it to My.SSS and select “Apply for Salary Loan” under E-SERVICES.
- Read and review the Loan Disclosure Statement or have it printed.
- Wait for the information that will notify you about your SSS salary loan application status.
HOW WILL I RECEIVE MY APPROVED LOAN?
After receiving an email notification from SSS saying that the application was approved, member-borrowers can finally claim it through their preferred method. Sometimes, loan proceeds will be credited to the bank account within 2 days. It can be claimed through ATM.
HOW DO I PAY FOR THE SSS SALARY LOAN?
For employers, PRN loan payments can be made via BancNet’s eGov facility, which is available to account holders of the following banks: United Coconut Planters Bank, Standard Chartered Bank, Robinsons Bank, Rizal Commercial Banking Corporation, Philippine National Bank, Philippine Bank of Communications, MUFG Bank, Asia United Bank, Bank of Commerce, China Bank Corporation, CTBC Bank, and Metropolitan Bank.
OFWs, volunteers, and self-employed members can pay online via Security Bank, Union Bank of the Philippines, and other approved partners.
How long is SSS salary loan processing?
The loan proceeds shall be available to member borrowers’ accounts within three (3) to five (5) working days from the approval date of the loan. The salary loan proceeds are accessible through any Megalink, Bancnet, or Expressnet Automated Machines.
SSS LOAN SCHEDULE OF PAYMENT
- The SSS loan shall be payable within two (2) years in 24 monthly installments.
- The monthly amortization shall start on 2nd month following the date of the loan, which is due on or before the payment deadline, as follows:
- Payment shall be made at any SSS branch with tellering facility, SSS-accredited bank, or SSS-authorized payment center.
SSS SALARY LOAN INTEREST AND PENALTY
- The loan shall be charged an interest rate of 10% per annum based on diminishing principal balance and shall be amortized over a period of 24 months.
- The interest of 10% shall continue to be charged on the outstanding principal balance until fully paid.
- Any excess in the amortization payment shall be applied to the outstanding principal balance.
- The Salary Loan amortization not remitted on the due date shall bear a penalty of 1% per month until the loan is fully paid.
For a much more convenient mode of payment, member-borrowers can now pay via GCash, UnionBank of the Philippines, and using Moneygment App.
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Read: You Can Now Pay Your SSS And Pag-IBIG Fees With ShopeePay
