Social Security System (SSS) just recently announced in their official social media account that they will be accepting online applications for the SSS Calamity Loan Assistance Program to all its qualifying members who have been affected by the COVID-19 pandemic that is spreading all over the world.
This type of loan is available in SSS. It was launched on June 15, 2020. All qualifying members will be able to loan for up to Php 20,000 pesos. However, they must be eligible to be able to apply for the loan.
In addition, they must have all the requirements needed because if not it is impossible to get approved. But if the requirements are complete, there will be no problem in the application.
If you want to know more about SSS Calamity Loan, this might help you.
SSS Calamity Loan Features:
- Loan up to Php 20,000
- 10% interest rate per annum
- 27 months repayment period
- 1% Service Fee waived
What are the Qualifications?
- Active SSS member
- Paid at least 36 months of contribution
- Paid at least six contributions, posted within the last 12 months before the month of the loan application
- Must not have applied for any loan such as total permanent disability, retirement, or death benefits
- No outstanding balance in the SSS
How to Apply?
- Visit the SSS website or log in to your My.SSS account. If you don’t have an account yet, follow this guide to create one: Register To SSS Online
- Once logged in, click “E-Service”
- Choose “Apply for Calamity Loan”
- Fill up all the necessary details that will be asked by the system
- Proceed with the application
-Calamity Loan Application is only available until September 14, 2020, so apply now!
-Offenders will not be allowed to apply for a loan
-Benefits will be sent to the member’s bank account