SSS Salary Loan and who qualifies to apply for it, loanable amount and payment terms

We've been posting quite a bit of a fast pace this year 2012 as we wanted to reach out to Filipinos living not just in the Philippines but also around the world as well as those woring abroad. We want to let them all know that there is an option for emergencies and immediate needs and that is to apply for Loans in the Philippines.


In relation to this, we aim to give relevant information regarding the differnty loans that a Pinoy may apply for whether in the Philippines or in accredited agencies in the country where they are currently working or residing. Here's a catch for SSS salary loan and who may apply or who qualifies to apply for it. Details taken from the official Social Security System website at sss.gov.ph.

What is a salary loan?

It is a loan intended to meet a member's short-termcredit needs.

Who may qualify for a salary loan?

1. An employed, currently paying self-employed or voluntary member (SE/VM) who has 6 posted monthly contributions for the last 12 months prior to the month of filing of application.
   • For one-month loan, the member-borrower must have 36 posted monthly contributions prior to the month of  filing of application.
   • For a two-month loan, the member-borrower must have 72 posted monthly contributions prior to the month of filing of application.
2. If the member-borrower is employed, the employer must be updated in contributions and loan remittances.
3. The member-borrower must be updated-current in the payment of other member loans, which include educational, stock investment, MADE & housing loans granted under the Unified Housing Loan program (UHLP) or direct from SSS.
4. The member-borrower has not been granted final benefit (total permanent disability, retirement and death).
5. The member-borrower has not been disqualified due to fraud committed against the SSS.

How much is the loanable amount?

A one-month salary loan is equivalent to the average of the member’s latest 12 monthly credits posted.

A two-month salary loan is equivalent to twice the average of the member’s latest 12 monthly salary credits posted (rounded to the next higher monthly salary credit), but not to exceed P24,000.

How long will it take the member to pay back the loan?

The one-month or two-month salary loan shall be payable within two (2) years in 24 equal monthly installments.

How much is the interest charged on a salary loan?

The loan shall be charged a nominal interest of 10% per annum. First year’s interest shall be deducted in advance from the proceeds of the loan. Second year’s interest shall be included in the monthly amortizations.

In case a loan is not paid, how much is the delinquency interest?

Loan amortization not remitted on due date shall bear a penalty of 1% per month.

Is there a service fee?

Yes. A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan.