March 28, 2013 by sssloanranger
Dear SSS Loan Ranger,
I heard that there are some changes in the SSS salary loan program? I once applied for a salary loan, and I’m curious to know about the changes.
How much can I borrow? How long can I pay? When can I renew my loan? My son is going to college this June and I might avail of this loan to add for his tuition fees.
– Rubi, 45 years old.”
Thanks for the visit. By the way, thanks for your very timely question.
I bet many of our kababayans out there are asking the same question, especially on the “how much” and the “how long to pay” categories.
Generally, the eligibility requirements are the same but some changes were made to really facilitate your financial commitment. Let’s take them one by one.
Surely, there is a difference in this area.
A one-month salary loan is equivalent to the average of your latest posted 12 Monthly Salary Credits (MSCs), or amount applied for, whichever is lower.
Take note of the change there. If the average of your posted 12 MSCs is
P 9,000 and you applied for let’s say, P 10,000.00 salary loan, well, you’re going to get P 9,000 only.
Take a look at the snapshot of the upper portion of new salary loan application above. There, you can put the amount you want. You are in a free country, anyway. However, the amount you will get will still be based on how much you’ve paid.
If you want to apply for a two-month loan, take note of this:
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.
Take note again of the change. So, if the average of your posted 12 MSCs is
But the good news is, for those of you whose MSC is
Great news, isn’t it?
Of course, if you still have outstanding balance, that will still be deducted from your approved loan amount. At least, the old loan is gone and you are just facing the new one.
So Rubi, I hope you got some enlightenment in there. I’ll answer your other questions on my next post.
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Make The Most of Your SSS Benefits, Amigos!
SSS Loan Ranger