Details in Applying for SSS Calamity Loan 2024 Offer for Members
SSS CALAMITY LOAN 2024 – You can find here the process for the application to the Social Security System’s Calamity Loan offer.
Calamities are among the incidents that can never be prevented or stopped. Earthquakes, tsunamis, and volcanic eruptions can happen anytime while typhoons, El Niño and La Niña phenomena, and other calamities can only be recorded and monitored but not stopped. Thus, it is essential to be prepared.
One of the best preparations against the impacts of natural disasters which can range from damages to structures and livelihoods to loss of lives is to maintain an active account to the Government Service Insurance System or the Social Security System. Both are state-run social insurance institutions with Calamity Loan offers. Let us focus on the SSS Calamity Loan offer.
The Calamity Loan offer was designed to help the members who are living or working in areas declared under a State of Calamity. The amount members may borrow under the SSS Calamity Loan can be a big help in getting the house repaired, started a new source of income after the calamity devastated the livelihood, augment the expenses while work is suspended, etc.
The interest rate under the SSS Calamity Loan offer is deducted in advance from the loan proceeds. The loan is payable for up to 36 monthly installments. Here is a guide on how to apply for the loan offer:
Step 1 — Check the Eligibility Criteria. Here is the criteria set by the Social Security System 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
Step 2 — Gather the requirements for the SSS Calamity Loan application. The list depends if the filer of the loan is the SSS member or an authorized representative of the member.
Step 3 — Submit the required documents to a branch of the SSS nearest to your area. For approved loan applications, the loan proceeds will be released through any of the following:
- Active UMID-ATM
- PESONET-accredited banks
- UnionBank Quick cards