Details about the SSS Calamity Loan Amount Members May Borrow
SSS CALAMITY LOAN AMOUNT – Here is a guide for the SSS members on the loanable amount in times of natural disasters.
When natural calamities happen, members of the Social Security System who are working or living in areas greatly devastated by a calamity can turn to the state-run social insurance agency. It has the SSS Calamity Loan offer that was crafted for such situation.
The Social Security System actually has several loan offers for its members. Aside from the SSS Salary Loan 2023 and the SSS Housing Loan 2023, the social insurance giant has the SSS Calamity Loan offer that is extended for members living in areas declared under a State of Calamity.
The Calamity Loan offer was designed to help the SSS members in recovering from the impacts of the typhoon, earthquake, and several other natural disasters. Truth be told that the wrath of nature are among those incidents that can have the biggest impacts from structure damages to the loss of lives.
Under the offer, the SSS Calamity Loan amount that a member may borrow an “equivalent to one monthly salary credit (MSC)” which can be calculated by add the last 12 MSCs and getting their average.
The borrowed SSS Calamity Loan amount is payable for up to 24 monthly installments. To give the borrower enough time in repaying the loan, the repayment starts in the second month following the date when the loan was approvaed.
To qualify for the SSS Calamity Loan offer, the member-borrower must meet the following eligibility requirements:
- resident of an area declared under a State of Calamity
- with at least 36 monthly contributions posted to SSS, six (6) of which posted within the last 12 months before the month of the application for SSS Calamity Loan
- If self-employed, voluntary, or land-based overseas Filipino worker (OFW), member must have posted at least six (6) monthly contributions under the current coverage/membership type before the month of the application for SSS Calamity Loan
- has not availed final benefits from the SSS
- has no outstanding balance in the SSS Loan Restructuring Program (LRP) or CLAP
To apply for the offer, there are SSS Calamity Loan requirements 2023 that must be submitted. After the submission, wait for an update from the SSS.
