Guide on the Interest for SSS Calamity Loan Offer to Qualified Members
INTEREST FOR SSS CALAMITY LOAN – Here is a guide on how much interest your calamity loan to the Social Security System will incur.
Members of the Social Security System, more popularly called the SSS, may turn to the state-run social insurance agency in times of natural disasters. It offers the Calamity Loan for those who are living or working in areas declared under the State of Calamity to help their members recover from the impacts of the calamity.
To check how much you may borrow under the loan offer, you may visit – SSS Calamity Loan: Here’s How Much You May Borrow under this Loan Offer.
In order to initiate the loan application, it is necessary to prepare and submit specific documents to SSS. If you, as the member-borrower, will be responsible for processing the loan application, you should ensure that the following documents are prepared:
- Application Form for Calamity Loan Application (CLA) in original copy
- Barangay Certification (original copy)
- original copy of valid ID card
If you opt to authorize a family member or another individual to process the loan application on your behalf, the subsequent documents need to be submitted to SSS:
- Application Form for Calamity Loan Application (CLA) in original copy
- Barangay Certification (original copy)
- Authorization Letter (original copy)
- original copy of valid ID card
- printed scanned copies of valid ID or documents of the OFW or seafarer member and present original copies of valid ID cards or documents of the authorized representative
With regards to the interest of SSS Calamity Loan offer, the social insurance institution has set it at 10% per annum. It is computed on a diminishing principal balance.
If you borrow P5,000.00 under the loan offer, the interest for your SSS Calamity Loan will be P500.00 in a year.
For a guide on the process in applying for the loan offer, feel free to visit – SSS Calamity Loan – How to Apply & the Requirements to Submit.
Besides the aforementioned loan offer, the social insurance institution operated by the government also presents a cash loan option for qualified members. You may visit – SSS Salary Loan Loanable Amounts – Here’s How Much You May Borrow.
