Are you an SSS member who is need of a specific amount for a certain purpose and planning to apply for an SSS loan sooner or later? You may have heard news about the congestion and long queue outside some SSS branches which is quite frustrating especially with the current situation today.
Although, SSS branches within Metro Manila (NCR) has extended its hours from 6am to 6pm, there's really no need for you to visit a branch or email the SSS if you want to check if you are eligible for a salary loan and how you can process the registration and application because you can now do it online.
Luckily, you are on the right track because in this article, we will be detailing everything you need to know about the application process of SSS Salary Loan.
Read: How to Pay Your SSS Consolidated Loan and Monthly Amortization Online
Who are eligible for SSS Salary Loan?
- SSS members with 36 months of total contributions and six months of contributions in the previous 12 months are eligible to apply. The salary loan is for a month's worth of salary.
- You can also apply for a salary loan for two months. However, you must have a minimum of 72 months of contributions uploaded and six months of contributions in the recent 12 months.
- If you are employed, your employer is required to have current loan remittances and monthly contributions. You must also make on-time payments on any other debts you have taken out. This comprises government-backed housing loans from the Unified Home Lending Program (UHLP).
- You should not have received any SSS final benefits, such as total permanent disability, retirement, or death payments.
Note: To know how many months of contributions you have to loan from SSS, you may proceed to the My.SSS portal. Simply log in to your account and select Inquiry from the drop-down menu. To see your total number of contributions, go to Contributions.
What are the SSS Salary Loan requirements?
For Employees:
- An SSS digitized ID or E-6
- Two valid photo IDs
- An SSS online membership
For OFWs:
- Authorized representative’s SSS ID/UMID card or two valid photo IDs with signature
- Letter of authority signed by both the OFW-borrower and authorized representative
- OFW’s SSS ID/UMID card or two valid photo IDs with signature
Note: OFWs within their current area can apply for a salary loan at SSS Foreign Representative Offices. OFWs can appoint a representative to submit their application and documentation in the Philippines if they are unable to do so themselves. Original copies of supporting documents must be provided on the application.
How to apply for an SSS Salary Loan online?
Step 1: Click E-Services after logging into your My.SSS account.
Step 2: To apply for a salary loan, go to the Apply For Salary Loan page. Your loanable amount will be presented instantly (Note: You can choose to borrow a lower amount).
Step 3: Depending on whatever method you picked, you'll get the loan proceeds via PESONet banks, E-Wallet, Remittance Transfer Companies (RTC), or Cash Payout Outlets (CPO) accredited by the SSS for the Disbursement Account Enrollment Module or DAEM.
Step 4: Make sure to carefully read the terms and conditions. Before clicking Proceed, check the box that says "I agree to the Terms of Service."
Step 5: The loan disclosure statement will be visible. Take the time to read it, whether you download it or print it.
Step 6: Click Submit after you've read the statement.
Step 7: You'll receive a confirmation message once you've submitted your information. For future reference, copy the transaction number or refer to the email notification issued to your registered email address.
Read: SSS Loan Condonation Program Online Application (Know-How)
Proof of Account Ownership for Disbursement Account Enrollment Module (DAEM)
When registering in a disbursement account, the SSS now requires members requesting for a loan to upload proof of account ownership. This is to secure the My.SSS account from unauthorized transactions and to ensure that the loan funds are sent to the SSS member who requested the loan.
For disbursements through bank accounts:
- ATM card that shows the full account number, account holder’s name, and the issuing bank
- Bank certificate/statement issued after 2019
- Foreign remittance receipt
- Passbook
- Screenshot of the online/mobile banking account
- Validated deposit slip
For disbursements through e-wallets:
- Screenshot of the mobile app account
Note: You do not need to present proof of account ownership for disbursements through UMID-ATMs, bank accounts converted from Sickness and Maternity Benefits Payment Module (SMBPB) to DAEM, or DBP Cash Padala through M Lhuillier.
How many days SSS Salary Loan takes to process?
Your employer has three working days to certify your SSS salary loan application after it is submitted. Your SSS loan application status will be sent to you via email. You'll know if your SSS Salary Loan has been approved via a text message saying “SSS Loan Application Has Been Granted”
If you want to check the status of your SSS salary loan, log in to My.SSS account then select "Inquiry" and "Loan Info." Your SSS loan status and other loan details can be found here. If the loan funds have already been credited to your disbursement account, you'll get another SMS message.
How to pay for SSS Salary Loan?
Borrowers must repay their salary loan over the course of 24 months. The monthly amortization starts the second month after the loan is taken out.
| If the 10th digit of the the 13-digit ER/HR number ends in | Payment Deadline (following the applicable month) |
|---|---|
| 1 or 2 | 10th day of the month |
| 3 or 4 | 15th day of the month |
| 5 or 6 | 20th day of the month |
| 7 or 8 | 25th day of the month
|
| 9 or 0 | Last day of the month |
For Regular and Household Employers:
| If the 10th (last) digit of the the SS number ends in | Payment Deadline (following the applicable month or quarter for 9SE/VM only), as the case may be |
|---|---|
| 1 or 2 | 10th day of the month |
| 3 or 4 | 15th day of the month |
| 5 or 6 | 20th day of the month |
| 7 or 8 | 25th day of the month
|
| 9 or 0 | Last day of the month |
For Self-Employed and Voluntary Members (Except OFW Members):
- Self-employed and voluntary members will have the amount deducted from their short-term benefits (Sickness/Maternity/Partial Disability).
- In the case of death, total disability, or retirement under the Social Security Act, the amount, interest, and penalties will be deducted from the corresponding benefits.
The loan has a ten percent annual interest rate dependent on the decreasing principal balance. This will be added to the outstanding balance until it is paid in full. If the loan is not paid back, the unpaid amount will be removed from the member's benefits.
Members with outstanding loans must also notify the agency of any changes in address or employer via mail, email, or in person at the nearest SSS branch. The SSS number, as well as the member's name and signature, should be included on the notice.
Where to pay for online SSS Salary Loan?
It's the same as paying your SSS contributions if you want to pay your SSS salary loan online. Your loan's Payment Reference Number (PRN) will be required in order for your payments to be quickly submitted and confirmed.
Individual members will be notified of their SSS loan PRN via email, SMS, or their My.SSS account. You can also inquire about a PRN loan in person at an SSS branch or online at e-Service Centers. Once you've received your PRN, you can pay using one of the approved payment methods given below.
Your PRN payments for SSS loans will be accepted at the following locations:
- SSS branches with Automated Tellering Systems
- RTPL-compliant SSS Collecting Partners (banks and non-banks)
- Local banks(for employers through Bancnet’s e-Gov facility
- Asia United Bank
- Bank of Commerce
- China Bank Corporation
- CTBC Bank
- EastWest Bank
- Metrobank
- MUFG Bank
- PBCOM
- PNB
- Philippine Trust Company
- Philippine Veterans Bank
- Robinsons Bank
- Standard Chartered Bank
- United Coconut Planters Bank
- You can also make short-term loan payments at the following:
- Security Bank
- UnionBank
- RCBC
- BayadCenter
- CashPinas
- SM Mart Inc.
Source: Moneymax
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