Guide on SSS Calamity Loan Interest 2024 for Member Accounts
SSS CALAMITY LOAN INTEREST 2024 – Here are the details about the interest rate set by the Social Security System for members in times of natural disaster.
One of the safety nets that you can prepare against natural disasters is an active and updated account to a state-run social insurance institution. Such entities offer calamity loans. One of these state entities is the Social Security System or more popularly called SSS.
The SSS has millions of members across the nation. Most of its members are locally-employed individuals in the private sector as a membership is required by most private companies and businesses. Meanwhile, the doors of the state-run social insurance entity is open for voluntary members.
Members who maintain an active and updated account to the Social Security System may qualify to the loans offered by the entity. Aside from the SSS Housing Loan and the SSS Salary Loan, the state-run social insurance entity also offers a Calamity Loan.
The Calamity Loan was designed to help members living or working in areas declared under a State of Calamity. Here are the eligibility criteria set under the loan offer:
- 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
The amount members may borrow under the SSS Calamity Loan depends if the member has an existing loan or none. With regards to the SSS Calamity Loan interest rate, it is at 10% per annum.
The loan is payable for up to three (3) years or 36 monthly installments. The SSS Calamity Loan interest rate applies until the loan is fully-paid. According to the state-run social insurance agency, it is a pro-rated interest deducted in advance from the loan proceeds.
To apply for the loan offer, a member who is living or residing in an area declared under a State of Calamity must submit the requirements for the SSS Calamity Loan application. The state-run social insurance agency implements a 1% service fee,
