Details about the SSS Salary Loan Loanable Amounts 2023 for Eligible Members
SSS SALARY LOAN LOANABLE AMOUNTS 2023 – Here are the borrowing amounts allowed under the Salary Loan offer of the Social Security System.
One of the most inevitable situations most especially in the case of the middle-earners and low-earners is the need for some cash to fulfill certain purposes. The good thing for the SSS members in the Philippines who have active and updated accounts is that they may qualify to the SSS Salary Loan offer.
In the Philippines, one of the government agencies with the biggest member populations is the Social Security System. Most of its members are individuals who are working in the private sector. The members submit a monthly contribution to qualify for the SSS benefits 2023 as well as the loan offers.
One of the loans offered by the Social Security System is the Salary Loan. It is open for both employed and non-salaried members provided that the following eligibility criteria is met by the member-borrower:
- member must be below 65 years old
- member must have posted at least 36 monthly contributions with six (6) of which posted within the last 12 months before the filing of the loan application
- if locally employed, the employer must be updated in the payment of contributions
- member must have not received a final benefit from the SSS
- must have not been disqualified due to fraud against SSS
With regards to the SSS Salary Loan loanable amounts 2023, they depend on the monthly contributions posted by the member-borrower. He/She may qualify for a 1-month Salary Loan or a 2-month Salary Loan.
If the member has posted at least 36 monthly contributions but not more than 71 monthly contributions, he/she may borrow an equivalent to the average of his/her latest posted 12 Monthly Salary Credits (MSCs) or the amount applied for, whichever is lower.
With regards to the loanable amounts under the SSS Salary Loan 2023 for members who have posted at least 72 monthly savings, the member-borrower may get up to twice the average of his/her latest posted 12 MSCs rounded to the next higher salary credit or the amount applied for, whichever is lower.
To apply for the loan offer of the Social Security System, you can check the documentary requirements for the SSS Salary Loan 2023 application. Prepare these documents and submit them to the branch of the SSS nearest to you.
The loan application assessment may take a few working days to weeks. SSS will notify you with the result as well as the releasing of the loan proceeds for approved loan applications.