We Found the Best Online Lenders for You. Find Online Loan Apply Here with us! First things first, you need to know if you’re eligible for an SSS salary loan.
You must fall under all of the following criteria to be eligible for the SSS salary loan: 1. How can I avail SSS loan? You must be a currently employe self-employed or voluntary member. Your employer, if any, must be updated in the payment of contributions. You must not be more than years old at the time of application.
You must have not been granted final benefits, such as death, retirement or total permanent disability. For personal loan applications at the SSS office, you should provide two valid IDs. But since you will be applying for the SSS loan online, there’s no need to present. See full list on techpilipinas. Nowadays, you can apply for an SSS salary loan using your computer or mobile device, and you don’t need to submit documents and IDs to SSS when doing so.
To apply for an SSS salary loan online, make sure that you have a My. If you don’t have a My. SSS account yet, go here to. Only current SSS members can register for My.
The SSS salary loan is payable within two yearsin monthly installments. A complete breakdown of your payables can be found in the Disclosure Statement. The loan amortization starts in the second month after the date of the loan approval. The payment due date or deadline will be on the last day of the month following the applicable month. If the payment deadline is a Saturday, Sunday or holiday, you can pay on the next working day.
You can pay your amortizations at any SSS office, SSS -accredited bank, authorized payment center, or online payment servicelike GCash. Member-borrowers must use their payment reference numbers (PRN) when paying. SSS charges an interest of per annum (year) based on the diminishing principal balance, until your loan is fully paid. In addition, there is a service fee which will be deducted from the loan amount. Any excess payments will be applied to the outstanding principal balance, which means that you can pay your loan in advance.
As a member-borrower, it’s your obligation to pay your dues on time. But sometimes life gets in the way and you might fail to repay your loan. Don’t worry though because SSS has contingency measures in place in case of loan default. A loan default happens if you fail to pay your amortizations for more than months.
If that happens, the full balance of your defaulted loan will become due. For self-employed and voluntary members, the unpaid loan will be deducted from his or her short-term benefits such as sickness, maternity or disability benefits. If the member-borrower dies, becomes disable or retires, the unpaid loan including interests and penalties will be deducted from the corresponding benefit (death, disability or retirement). You can then use the loan to pay debts or even start a new business. It’s not much but it certainly helps in difficult times.
Be sure to repay the loan on time to avoid any penalties and the possibility of defaulting on your loan. For more information about the SSS salary loan, visit the SSS website. You only need to login to your SSS Online Account and you no longer need to submit any document in SSS Branch. What to do when my Employer does not remit my SSS Contributions, Loans 6. But if you become delinquent and failed to pay your SSS Loan , you may wait for SSS LOan Condonation so that you may pay your SSS Loan without Penalty. Applying for an SSS loan has been made easier as it can now be done online.
Normally, the process involves submitting the loan application form to the HR coordinator in your company , and you will be notified when the check arrives. Now, you don’t need to fill-out forms. Log-in to your SSS online account. In your dashboard , hover over the “e-services” tab. Repay over 1-Years.
For a Loan From $0- $5000. Walk-in application is only applicable to other SSS loans like Calamity Loan Assistance Program (CLAP), Educational Assistance Loan Program (EALP), and Emergency Loan Assistance Program (ELAP). If the application is done through the branch, the receipt should be provided to the employer. The salary loan submitted online by an employed member will be directed to the employer's My. OFW members may also file their salary loan application at the SSS Foreign Representative Offices in selected countries.
Personalized Loan Offers. According to SSS , they have finalized their system for the said loan program where a member can loan up to PhP 2000. The application for the loan will be online via MY.
E-Services menu function. Before applying , be sure to inform your employer. Salary loans must be paid within two years. They will need to certify your application.
The SSS will not approve a loan application without the employer certification. Note: I am not affiliated with the SSS. You will be directed to a window and you must click ‘View Loan Disclosure Statement’. It will show you the amount of loan , changes and deductions, the schedule of payments and interest fee.
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