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 percentage of SSS salary loan?
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 salary loan calculated?
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.
How many months before you loan SSS?
All currently employed, currently contributing self-employed or voluntary member. 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.
How many days 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.
What is SSS monthly salary credit?
Monthly Salary Credit (MSC) – The compensation base for contributions and benefits related to the member’s total earnings for the month, as indicated in the schedule in Section 18 of the SS Law. The person should never have been a member of the SSS.
What is the maximum loanable amount in SSS?
P2,000,000
The maximum loanable amount is P2,000,000 but should not exceed the updated loan balance of the account assumed. Actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS.
How many months before you can loan in Pag ibig?
For someone getting a new loan, there are only four PAG IBIG loan requirements that you need to meet. You need to contribute at least 24 months to PAG-IBIG. You need to showcase that you were an active member at the time of loan application. You have to complete at least 5 monthly contributions in the last 6 months.
