Guide on SSS Cash Loan Late Payment Penalty for Payments not Posted on Time
SSS CASH LOAN LATE PAYMENT PENALTY – Here is a guide for the penalty set by the Social Security System for delayed payments of loan.
The Social Security System (SSS) Salary Loan offer is open for members of the state-run social insurance agency who have posted a total of at least 36 monthly contributions. Both employed and self-employed members of the agency may apply for the loan offer.
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There are requirements in applying for the loan offer. Here are the documents that you must prepare and submit for the application to the Salary Loan offer:
- duly-accomplished Member Loan Application Form
- SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo)
- School ID
- Senior Citizens Card
- Company ID
- Professional Regulation Commission (PRC) ID
- Tax Identification Number (TIN) Card
- Seaman’s Book
- LTO Driver’s License
- Overseas Worker Welfare Administration card
- Police Clearance
- Voter’s Identification card/affidavit/Certificate of Registration
- Postal ID
- GSIS Card
- Pag-IBIG Member’s Data Form
- Baptismal Certificate
- Seafarer’s Registration Certificate issued by POEA
- ATM card with cardholder’s name or with certification from bank
- Health or Medical Card
- Credit Card
- Transcript of Records
- Marriage Contract
- NBI Clearance
- Bank Account Passbook
- Certificate from:
- Office of Muslim Affairs
- Life Insurance Policy
- Office of Southern/Northern Cultural Communities
- Birth/Baptismal certificate of child/ren
- Certificate of Licensure/Qualification Documents/Seafarer’s ID and Record Book from Maritime Industry
- Certificate of Naturalization from the Bureau of Immigration
How much you may borrow under the offer? Kindly visit — Borrow SSS Cash Loan: Here’s Guide on the Minimum & Maximum Loanable Amounts.
There is a fee set as SSS Cash Loan late payment penalty for payments not made on time. According to SSS, the penalty is set at 1% per month until the loan is fully paid.
The SSS cash loan late payment penalty of 1% is along with the interest rate that is based on a diminishing principal balance of the loan.
You may also visit — Renew SSS Cash Loan? Here’s How Much You will Get from Renewing your Loan