How Much Are the SSS Cash Loan Loanable Amounts for Members?
SSS CASH LOAN LOANABLE AMOUNTS 2024 – Here’s a guide on how much the Social Security System members may borrow under the Salary Loan offer.
The members of the Social Security System, more popularly called SSS, in the Philippines have several options in times that are financially-challenging. In fact, even those who are in abroad but have maintained active memberships to the SSS may access these options.
There are several SSS benefits as well as loans that members of the SSS with active and updated accounts may qualify for. One of the loan offers of the state-run social insurance institution is the Salary Loan, a multi-purpose cash loan offer.
An SSS member may apply for the Salary Loan offer to augment the car repair expenses, to travel, to finance an event, to do a minor business expansion, to launch a project, etc. It is open for both employed and self-employed members of the social insurance institution.
To qualify for the Salary Loan offer, there are a few eligibility requirements that the member must meet. Here are the eligibility criteria set under the offer:
- employed or self-employed with a stable source of income
- has posted at least 36 monthly contributions
- 65 years old and below at the time of the loan application
- must have not received any final benefit from the SSS
- has not been disqualified due to fraud committed against the SSS
How much are the SSS cash loan loanable amounts this 2024? The borrowing amounts allowed under the SSS offer actually varies. The maximum loanable amount will be based on the total contributions posted by the member.
Here is a guide on the SSS cash loan loanable amounts this 2024:
- For members who have posted at least 36 monthly contributions, you may qualify for a “one-month salary loan is equivalent to the average of the member-borrower’s latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower”.
- For members who have posted at least 72 monthly contributions, you may qualify for a “two-month salary loan is equivalent to twice the average of the member-borrower’s latest posted 12 MSCs, rounded to the next higher monthly salary credit, or amount applied for, whichever is lower”.
In applying for the loan offer of SSS, there are requirements for SSS Cash Loan that you must submit to apply. The loan is payable within two (2) years.
