Beauty Fashion & Lifestyle : 2015

Who may qualify for SSS Salary Loan? If you are planning to apply for SSS Salary Loan, before you proceed for your Loan Application, please find the following informative Article mentioned below:

SSS MEMBER LOAN

The SSS is the social institution that members immediately turn to in times of financial need brought on by real life contingencies such as sickness, maternity, disability, retirement, work injury, or death. However, it has also provided its members with short-term loan programs from which they can borrow for personal purposes.

SSS SALARY LOAN

A cash loan granted to an employed, currently- paying self-employed or voluntary member. It is intended to meet the member's short-term credit needs.

REQUIREMENTS FOR APPLICATION

1. Member-Borrower

A. Member Loan Application Form (Download and print)

https://www.sss.gov.ph/sss/DownloadContent?fileName=SSSForm_Salary_Loan.pdf

B. SSS digitized ID or E-6 (acknowledgment stub) with any two valid IDs, one of

which with recent photo.

v Unexpired Driver's License

v Passport

v Postal ID

v School or Company ID

v Tax Identification Number (TIN) card

v Seaman's Book

v Membership card issued by private companies

v Overseas Worker Welfare Administration card

v Senior Citizens Card

v Voter's Identification card/Affidavit/Certificate of Registration

v ATM card

Ø with cardholder's name; or

Ø with certification from bank, if without name

v Credit card

v Fisherman’ Card issued by BFAR

v GSIS card/Member's Record/Certificate of Membership

v Health or Medical card

v ID card issued by LGUs (e.g. Barangay/Municipal/City)

v ID card issued by professional association recognized by PRC

v Birth Certificate

v Baptismal Certificate

v Marriage Contract

v NBI Clearance

v Pag-IBIG Member's Data Form

v Permit to carry firearms issued by the Firearms and Explosive Unit of PNP

v PHIC Member's Data Record

v Police Clearance

v Seafarer's Registration Certificate issued by POEA

v Temporary Driver's License issued by LTO

v Transcript of Records

v Alien Certificate of Registration

v Bank Account Passbook

v Certificate from:

Ø Office of Southern/Northern Cultural Communities; or

Ø Office of Muslim Affairs

Ø Certificate of Licensure/Qualification Documents/Seafarer's ID and Record Book from

Ø Maritime Industry

Ø Certificate of Naturalization from the Bureau of Immigration

Ø Life Insurance Policy

Ø Birth/Baptismal certificate of child/ren

2. If filed by Member-borrower's Authorized Representative

v Member-borrower's duly accomplished Member Loan Application

v Authorized Representative's SS card or any two valid IDs both with signature and at least one with photo.

v Letter of Authority (LOA) signed by both the member-borrower and member-borrower's authorized representative.

v Member-borrower's SS card or any two valid IDs both with signature and at least one with photo.

3. If filed by Employer/Company's Authorized Representative

v Member-borrower's duly accomplished Member Loan Application

v Authorized Company Representative (ACR) card issued by SSS

v Letter of Authority (LOA) from employer and any two (2) valid IDs both with signature and at least one with photo

v Member-borrower's SS card or in its absence, Application for SS card (SS Form E-6) acknowledgment stub and any two valid Ids both with signature and at least one with photo.

Original or certified true copies of the supporting documents should be presented during the filing of the claim.

B. FILING PROCEDURE

A borrower may file the salary loan application at the branch nearest the place of residence or business. A member who is registered at My.SSS can submit the salary loan application online. The salary loan submitted online by an employed member will be directed to the employer's My.SSS account for certification, hence, the employer should also have an SSS Web account.

OFW members may also file their salary loan application at the SSS Representative Offices in selected countries. In case there is no SSS office in a particular country they may send their application and supporting documents to their relatives here in the Philippines and authorize them to file at the SSS branch. Documents issued in other country should be duly authenticated or certified by the Philippine Consulate/Embassy. They may also send the application and supporting documents to Foreign Branch Expansion and Monitoring Department thru mail (3/F SSS Building, East Avenue, Diliman, Quezon City) or fax (632-435-9814).

Note: The employer shall submit an updated Specimen Signature Card (SS Form L-501) to be updated annually to avoid delay in the processing of salary loan applications.

C. ELIGIBILITY REQUIREMENTS

1. All currently employed, currently contributing self-employed or voluntary member.

v For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.

v For a two-month loan, the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which should be within the last twelve (12) months prior to the month of filing of application.

Ø The member-borrower whose employer must be updated in the payment of contributions.

Ø The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death.

Ø The member-borrower must be under sixty-five (65) years of age at the time of application.

Ø The member-borrower has not been disqualified due to fraud committed against the SSS.

D. LOAN AMOUNT

1. 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.

2. 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.

3. The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term member loans.

E. REPAYMENT TERM AND SCHEDULE OF PAYMENT

1. The loan shall be payable within two (2) years in 24 monthly installments.

2. The monthly amortization shall start on 2nd month following the date of loan, which is due on or before the payment deadline, as follows:

3. Payment shall be made at any SSS branch with tellering facility, SSS-accredited bank or SSS-authorized payment center.

F. INTEREST AND PENALTY

1. The loan shall be charged an interest rate of 10% per annum based on diminishing principal balance, and shall be amortized over a period of 24 months

2. Interest of 10% shall continue to be charged on the outstanding principal balance until fully paid

3. Any excess in the amortization payment shall be applied to the outstanding principal balance

4. Loan amortization not remitted on due date shall bear a penalty of 1% per month until the loan is fully paid.

G. SERVICE FEE

A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan.

H. LOAN RENEWAL

1. Renewal shall be allowed after payment of at least 50% of the original principal amount and at least 50% of the term has lapsed.

2. Proceeds of renewal loan is any amount greater than or equal to zero as long as the outstanding balance on the previous loan is deducted.

I. RESPONSIBILITIES OF EMPLOYER

1. The employer shall be responsible for the collection and remittance to the SSS of the amortization due on the member-borrower?s salary loan through payroll deduction.

2. The employer shall deduct the total balance of the loan from any benefit/s due to the employee and shall remit the same in full to SSS, in case the member-borrower is separated voluntarily (e.g., retirement or resignation) or involuntarily (e.g., termination of employment or cessation of operations of the company).

3. The employer shall report to the SSS the effective date of separation from the company and the unpaid loan balance of the employee, through the collection list, if the benefit(s) due the employee is insufficient to fully repay his loan.

4. The employer shall require a new employee to secure from the SSS an updated statement of his account.

5. The employer shall deduct and remit to SSS any outstanding loan balance of new employees.

J. RESPONSIBILITY OF MEMBER-BORROWER

A member-borrower who transfers employment shall submit to his new employer an updated statement of account of any outstanding loan balance with SSS and allow his employer to deduct from his salary the corresponding amortization due, including any interest/or penalty for late remittance.

K. DEDUCTION OF UNPAID LOAN FROM BENEFITS

In case of default, the arrearages/unpaid loan shall be deducted from the benefits claimed by the member, whichever comes first, as follows;

1. For self-employed/voluntary member, deduction shall be from short-term benefits (Sickness/Maternity/Partial Disability).

2. In case of member-borrower's death, total disbility or retirement under Social Security Act, the entire amount or any of unpaid amount of the loan as well as the interest and penalty thereon, if any, shall be deducted from the corresponding benefit.

L. OTHER CONDITIONS

1. Any overpayment on a previous loan shall be applied to the subsequent loan, if any. Otherwise, the overpayment shall be refunded upon request of the member-borrower.

2. The member-borrower shall notify the Member Services Section of the nearest SSS branch of any change in address/employer thru mail/email/over-the-counter (OTC). The notice should include the SS number, name and signature of the member-borrower.

Reference:

"Republic of the Philippines Social Security System" SSS. www.sss.gov.ph
SSS Call Center: 920-6446 to 55; IVRS: 917-7777; SSS Email: member_relations@sss.gov.ph; SSS Facebook: https://www.facebook.com/SSSPh

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