SSS rolls out P20,000 microloan
Loan amounts are based on 11 percent of a member’s average Monthly Salary Credits over the past 12 months.
Text size
Loan amounts are based on 11 percent of a member’s average Monthly Salary Credits over the past 12 months.
The Social Security System (SSS) is offering qualified members short-term loans of P1,000 to P20,000 through its new digital SSS Micro Loan Program, or SSS LoanLite.
Members must have at least 12 posted monthly contributions and meet other eligibility requirements, including having no past-due Short-Term Member Loan, active restructured loan or fraud record with SSS.
Loan amounts are based on 11 percent of a member’s average Monthly Salary Credits over the past 12 months.
For example, a member with an average monthly salary credit of P20,000 and 12 total contributions may borrow P2,200.
Members with at least 36 total contributions, including at least six posted within the 12 months before applying, may qualify for up to P20,000, depending on their average Monthly Salary Credits.
The loan may be repaid over 15, 30, 60 or 90 days at an interest rate of 8 percent per year, or about 0.67 percent a month.
Eligible employed, self-employed, voluntary and overseas Filipino worker members must be at least 18 years old and below 65 at the end of the loan term.
They must also have an account with a participating financial institution enrolled in the SSS online facility, no active SSS Micro Loan and no pending or settled final benefit claim, subject to SSS rules.
Members with existing Salary, Calamity or Emergency Loans may still apply if those loans are not past due and they have no active SSS Micro Loan.
Repayment will be collected through automatic debit, primarily from the account where the loan proceeds were credited. Members may renew the loan after fully paying their existing microloan and once the payment is reported by the participating financial institution.
SSS LoanLite is currently available through the UnionDigital Bank mobile application.
SSS is also working with Rizal Commercial Banking Corp., Land Bank of the Philippines and Union Bank of the Philippines to make the facility available through their digital platforms.
A director and filmmaker from Toronto, Canada has finally learned why he had a green spot on his left earlobe.
Cesar E.A. Virata, prime minister during the Ferdinand Marcos Sr. administration and one of the country’s…
A spokesperson for Senator Loren Legarda said the veteran senator may be talking with some colleagues to pave the way…
