Check Here the SSS Salary Loan Vs. GSIS MPL Comparison
SSS SALARY LOAN VS. GSIS MPL – Here is a guide on the features of the Salary Loan offer of the Social Security System and the GSIS MPL or the Multi-Purpose Loan offer.
Undeniably, there are instances when the financial needs require some loan application. In the case of the members of the Government Service Insurance System and the Social Security System, there are options that they can take. Thus, there is a huge advantage in maintaining an updated account to these state entities.
In the Philippines, individuals who are working in the government are mandated to maintain an updated membership to the Government Service Insurance System by posting monthly savings. The same goes for private employees but they are mandated to maintain an updated membership to the Social Security System.
Both the GSIS and the SSS offer several loans that attend to different kind of situations. Aside from the SSS Calamity Loan and the GSIS Emergency Loan, the social insurance entities also offer the SSS Salary Loan and the GSIS MPL or the Multi-Purpose Loan offer.
Both the GSIS MPL and the SSS Salary Loan are multi-purpose loan offers but they bear different features. Here’s a guide:
Qualifications
| SSS Salary Loan | GSIS MPL (Multi-Purpose Loan) |
| at least 36 monthly contributions in the SSS account | not on leave of absence without pay at the time of application |
| not more than 65 years old at the time of the loan application | has posted at least three (3) monthly premium contributions for both Personal Share and Government Share at the time of application |
| employer must be updated in the payment of the SSS contributions | without pending administrative case and/or criminal case |
| has not received any final benefit from the SSS | without arrearages in the GSIS Financial Assistance Loan (GFAL) and/or Housing Loan |
| has not been disqualified due to fraud committed against the SSS | agency status is not “Suspended” |
| resulting net take-home pay after loan availment is not lower than the amount required under the General Appropriations Act, after all required monthly obligations have been deducted |
Loanable Amounts
| SSS Salary Loan | GSIS MPL (Multi-Purpose Loan) |
| SSS members with at least 36 monthly contributions posted may borrow an equivalent of their one-month basic monthly salary | up to 14x of his basic monthly salary |
| Members with at least 72 monthly contributions posted may borrow up 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 |
Interest Rates
| SSS Salary Loan | GSIS MPL (Multi-Purpose Loan) |
| 10% per annum until fully paid | 8% per annum for members with PPP of less than 3 years |
| 7% per annum for members with PPP at least 3 years |
Loan Term
| SSS Salary Loan | GSIS MPL (Multi-Purpose Loan) |
| loan shall be payable within two (2) years in twenty-four (24) equal monthly amortizations | depends on the members’ Period with Paid Premiums (PPP |
Requirements
| SSS Salary Loan | GSIS MPL (Multi-Purpose Loan) |
| duly-accomplished Member Loan Application Form | duly-completed and signed GSIS MPL Application Form |
| SSS digitized ID or E-6 with any two (2) valid IDs (one of which with a recent photo) | photocopy of the eCard or UMID eCard |
In case the loan application will be filed an authorized representative of the member, here are the documents that must be submitted to the state entity:
- duly-accomplished Member Loan Application Form
- SSS-issued Authorized Company Representative (ACR) card
- Letter of Authority (LOA) from employer
- two (2) valid IDs both with signature and at least one with photo
- Member-borrower’s SS card or Application for SS card (SS Form E-6) acknowledgment stub and two (2) valid IDs