There are times that you need to have a short-term loan because of the demanding necessity, good thing is that you can apply for an SSS salary loan. Well, this is very common for employees when there are unforeseen bills that pops up which are initially out of your budget list.
If you are just a member of SSS for several months because you have just started your first job, sorry to burst your bubble but most probably, you are not yet qualified to get an SSS salary loan. However, if you have been working as well as a member of SSS for 3 years or more, there’s a great chance you are qualified and get approved if you apply for an SSS loan.
Before you apply for a salary loan, there 2 two important things you need to know. This is for you to evaluate whether you meet the certain conditions and the amount of money you can loan from SSS.
How many years before you can loan in SSS?
So how many years does it take before you can apply for a salary loan in SSS? Well, the minimum requirement is that you must have been remitting your contributions to SSS for the last 3 years.
Social Security System (SSS) allows you to apply for a 1 month or 2 months salary loan under some conditions.
You are eligible to apply for a 1 month salary loan if you have made 36 monthly contributions and 6 of those contributions is within the last 12 months. This simply means that if your employer have been remitting you contributions for the 3 years for every single month, you are qualified to apply for a 1 month SSS salary loan.
Moreover, if you are regularly paying for your SSS Contributions for the last 72 months or equivalent of 6 years, you can apply a 2-month salary loan from SSS.
How much can you loan in SSS? (Maximum SSS Salary Loan)
The amount you can loan is relative to the amount of your contributions and your monthly salary. The 1 month SSS salary loan is equivalent to the average of your past 12 Monthly Salary Credits (MSC). Meanwhile, the 2-month SSS loan is equivalent to 2x the average of your last 12 MSC.
1 Month Salary Loan Example: If you are remitting ₱1,100 SSS contribution for the past 3 years, your maximum loanable amount is ₱10,000. It is because in the SSS Contribution Table, the amount ₱1,100 contribution is equivalent to ₱10,000 Monthly Salary Credit.
However, if you have been paying ₱1,760 in the past 3 years, your maximum SSS salary loan is ₱16,000. This is the ceiling amount or the highest amount for 1 month salary loan.
2 Month Salary Loan Example: On the other hand, if you have been contributing ₱1,100 for the past 6 years, your highest loanable amount from SSS would be ₱20,000. That’s 2x the average of your last 12 Montly Salary Credits.
Moreover, if you are paying the ceiling contribution worth ₱1,760, you’ll reach the maximum 2-month salary loan from SSS which is equals to ₱32,000.
So what if there are fluctuations on your contributions since you are changing jobs and monthly salary is affected, as per the computation condition of SSS, the amount shall be the average of your last 12 Montly Salary Credits.
There shall be a 1% service fee charged and deducted from the processing of the loan. So when you loan a 1 month salary of ₱16,000, the amount on your check shall be ₱15,840.
So if you are qualified, you may check out this guide SSS Salary Loan Online Application (Full Guide with Screensots)
Related SSS Guides:
Those were some useful information about the maximum SSS salary loan you may apply for. Should you have any questions or clarifications, you may contact SSS directly by dialing 920-6446 to 55 or send an email to member_relations@sss.gov.ph. Let us know your thoughts about this in the comment section.
