Guide on the SSS Calamity Loan Amount for the Members
SSS CALAMITY LOAN AMOUNT – Here is a guide on how much a member of the Social Security System may borrow in times of natural disaster.
Are you one of the members of the Social Security System? More popularly called SSS, it is a giant when it comes to social insurance. However, since not everyone has enough time to browse all the offers of the state-run social insurance entity for its members, not everyone also knows that has multiple loan offers.
Aside from the SSS Housing Loan and the SSS Salary Loan, the state-run social insurance institution also has a Calamity Loan offer. It was designed as a safety net for members in times of natural disasters which can bring unfortunate situations such as damages to properties, loss of source of living, and, worst, loss of lives.
The SSS Calamity Loan covers many types of natural disasters including typhoon, earthquakes, landslide, El Niño and La Niña phenomena, tsunamis, and volcanic eruptions. It is open for members who are living and working in calamity-stricken areas and who meet the following eligibility requirements for application:
- at least 24 monthly contributions posted in SSS account with three (3) contributions posted within the last 12-month period prior to the month of filing of loan application
- not more than 60 years old at the time of filing of loan application
- not a recipient of any final SSS benefit nor was refunded SSS contributions
- must be up-to-date in the payment of all other existing loans with the SSS
How much is the SSS Calamity Loan amount? According to the Social Security System, the loanable amount is equivalent to one monthly salary credit (MSC). The MSC is computed as per the average of the last 12 MSC’s posted by the member-borrower rounded up to the nearest thousand or the amount applied for by the member, whichever is higher.
The member-borrower can repay the SSS Calamity Loan amount within two (2) years or through 24 equal monthly installments. To apply, there are requirements for the SSS Calamity Loan application that the member must submit.
