HOW TO APPLY FOR SSS SALARY LOAN ONLINE?

 Social Security System (SSS) is offering salary loan to its members, a more convenient and faster in just a few clicks.

As long as you have an internet connectivity and a device such as your mobile phone, SSS salary loan can now be done anywhere. SSS salary loan is a cash loan that SSS members, whether employed or self-employed can avail to meet their short-term needs.

The salary loans depends on the employees monthly salary. SSS member may submit their application to the nearest branch office of the SSS or submit online using My.SSS account.

Who is qualified for an SSS salary loan? To avail the program, sss member must meet the following eligibility requirements:

1. An SSS member must be actively paying monthly contributions.

• A member borrowing a one-month salary must have at least 36 posted monthly contributions of which six are posted within the last 12 months before the loan application.

• A member borrowing two-month salary, member must have at least 72 posted monthly contributions of which six are posted within the last 12 months before the loan application.

• Self-employed member must have at least six monthly contributions under their current membership type before the filing of application.

2. Member or borrower must not be receiving a final benefit from SSS like retirement or death benefits.

3. Member or borrower must be below 65 years old the time of loan application.

4. Member-borrower has not been disqualified from eligibility to take out an SSS loan.

How to apply for SSS Salary Loan Online?

1. Go to the SSS website

2. Log in to your My.SSS account as a member and click "I am not a Robot".

3. Click E-Service - Loans - Apply for Salary Loan.

4. If eligible for a salary loan, the loanable amount and local mailing address of the member-borrower will appear on the screen. Choose the desired loan amount and the disbursement account where the loan proceeds will be received.

5. You will see the "Terms and Conditions for Salary Loan" once you click "I agree to the Terms and Conditions". Click "Proceed".

6. View, download or print the Loan Disclosure Statement which contains the schedule of monthly amortization and interest rate. Click "proceed" if you agree with the schedule of payments and wish to continue the loan application.

7. A notification message will appear on screen that contains the details of the loan application.

How to compute your SSS salary loan?

Example you have a monthly income of Php 18,000. Based on the contribution table, your income falls within the salary range of Php 17,750 - Php 18,249.99 which has the Monthly Salary Credit (MSC) of 18,000.

In order to know your lonable amount, member-borrower need to get the average of your 12 Monthly Salary Credits (MSCs).

Note: From the loan proceeds, 1 1% service charge and an advanced interest will be deducted by SSS. Meaning, if you have an outstanding balance to a separate SSS short-term loan, it will be deducted from the amount of your newly approved SSS salary loan.

Example you have a monthly income of Php 18,000. Based on the contribution table, your income falls within the salary range of Php 17,750 - Php 18,249.99 which has the Monthly Salary Credit (MSC) of 18,000.

In order to know your lonable amount, member-borrower need to get the average of your 12 Monthly Salary Credits (MSCs).

Note: From the loan proceeds, 1 1% service charge and an advanced interest will be deducted by SSS. Meaning, if you have an outstanding balance to a separate SSS short-term loan, it will be deducted from the amount of your newly approved SSS salary loan.