The maximum loanable amount is P1,000,000.00. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.
In this regard, can I loan in SSS if unemployed?
The SSS Unemployment Insurance or benefit is not a loan. It is financial assistance that you can claim if you are eligible. There will be no need to repay anything. However, it is only for a maximum of two months.
People also ask, can I use GCash for SSS salary loan?
“GCash offers a fast, convenient and hassle-free means for paying SSS contributions and loans. … An SSS member must have a prepaid or postpaid Globe or Touch Mobile account to gain access to the GCash payment facility.
How do I know my SSS loanable amount?
How to Check SSS Loan Balance Online 2021
- Step 1: Go to www.sss.gov.ph , then member login to view check your loans info. Type in your membership login details. …
- Step 2: Hover your mouse to the “Inquiry” tab. …
- Step 3: Hover your mouse to “Loans Info” tab.
How does SSS loan work?
Under the program, members may borrow a loan amount of up to twice the average of their 12 latest posted monthly salary credits. It is payable in two years in 24 monthly installments with an interest rate of 10 percent per annum based on its diminishing principal balance.
How is SSS contribution calculated 2021?
The 2021 SSS Contribution Table.
- Employed Members. Of the 13% contribution rate, the employee pays 4.5% through monthly salary deductions, while the employer shoulders the remaining 8.5%. …
- Self-employed Members. …
- Voluntary and Non-Working Spouse Members. …
- OFW Members. …
- Household Employers and Kasambahay.
How many days will you get your SSS loan?
The loan proceeds shall be available to member-borrower’s account within three (3) to five (5) working days from approval date of the loan.
How many months can avail SSS loan?
The Social Security System provides salary loans to members who have at least 36 months of continuous monthly contribution. The amount of the loan will be derived from the member’s total contribution.
How much can you loan in SSS for the first time?
Another simple computation to look at would be, if you have posted 36 monthly contributions, of which six has been within the last 12 months before submitting your application, you can loan up to PHP 15,000 or a one-month salary loan. This is also the usual amount that first-time borrowers can receive (minus taxes).
How much is the maximum loan in SSS?
LOANABLE AMOUNT
Actual need of the borrower (total project cost) Loan value of the assigned collateral or securities; or. Maximum of P500. 00 million per borrower.
How much is the maximum salary loan in SSS 2021?
Assuming that your income never changed and you paid your contributions consistently in the last 12 months, the maximum SSS salary loan you can borrow is Php 18,000 for a one-month salary loan and as much as Php 36,000 for a two-month salary loan, provided that you’re qualified for it.
What are the loans available in SSS?
A cash loan granted to an employed member or a currently-paying self-employed or voluntary member. It is intended to meet the member’s short-term credit needs. For one-month loan: 36 monthly contributions, six (6) of which should have been posted in the last twelve (12) months prior to the month of application.
What is the interest rate of SSS salary loan?
What will happen if I stop paying my SSS contribution?
pay all unpaid contributions plus a penalty of three percent per month; and. be held liable for a criminal offense punishable by fine and/or imprisonment.