The SSS loan benefit will be granted to the currently paying member which are employed, self-employed or voluntary paying member.
The loan was established to help the ones benefit for their short-term credit needs.
What are the requirement needed to grant the SSS Salary Loan?
1. For those who are currently self-employed or voluntary member, and employed.
- When the member wants to avail the one-month loan, the monthly contribution should be sufficient, wherein the member must have contributed thirty six (36) times. Within the last twelve (12) months. The borrower should have contributed six (6) times before the month of filing of the application.
- When the borrower wants a two-month loan, he/she must have contributed seventy two (72) times, and six (6) times prior to the month of filing the application within the last twelve (12) months. The update of the payment of contributions by the member-borrower should be passed to the employer.
2. To grant the loan request, the borrower must not have granted other final benefit, like permanent disability, retirement, and death.
3. Under sixty five (65) years old borrower is the only accepted to apply in this benefit.