How to apply for Salary loan SSS online 2023?
This loan has accepted technological advances to make life easier and more seamless for its members. The digital platform has changed the way people usually apply for loans by making it possible to do so from the comfort of their own home or office.
In this article at retailasiaonline.com, We will go over it in detail so that people can use it to apply for loans, manage their accounts, and pay off this loan 2023.
TOP 10 Legit Online Loan in Philippines – Only National ID required
Updated 09/2023
(Online Loan Application)
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Contents
What is salary loan sss online?
Salary loan SSS online is a type of loan that Filipino workers who are members of the SSS can get. It lets them borrow a certain amount of their pay for a certain amount of time, usually up to three years, with a set interest rate and flexible terms for paying it back.
SSS first salary loan amount
In the Philippines, the amount of salary loan on SSS online usually relies on how many times a member has paid into the system each month and how much their average monthly salary credit is.
Members who have made at least 36 monthly contributions can usually borrow up to one month’s salary credit. Those who have made more than 72 monthly contributions can borrow up to two months’ salary credit.
The amount of the loan can be anywhere between Php 1,000 and Php 32,000. Loan amounts can change based on each person’s situation and the SSS rules in place at the time of application.
Salary loan SSS requirements
Here are some requirements for salary loan SSS:
- You must be a citizen of the Philippines or a foreigner with a current Alien Registration Card (ARC).
- Be working in the Philippines and have a steady source of income
- Have a government-issued ID that is still good (like a driver’s license or passport)
- Have a good credit background or be able to find a co-maker who does.
- Have at least PHP 15,000 to PHP 30,000 in monthly income, based on the lender and loan amount.
Online Salary loan SSS interest rate
The interest rate on SSS salary loan status is 10% per year. This is one of the lowest rates for loans in the Philippines.
It’s calculated based on the amount of capital that goes down, so interest will keep being added to the balance until it’s paid off in full.
SSS salary loan calculator
Here’s the formula to calculate salary loan SSS online:
Monthly Amortization = [Loanable Amount + (Loanable Amount x Interest Rate)] / Number of Months
Determine your Loanable Amount:
Loanable Amount = AMSC x (number of contributions / 36)
The maximum loanable amount is generally equivalent to your AMSC multiplied by 2.
Calculate Interest and Other Charges:
There may be additional charges, such as service fees, which can vary. Check with the SSS for the latest rates.
Determine the Loan Term:
SSS salary loans are typically payable in two years (24 months). You can choose a shorter term, but it will affect your monthly amortization.
Calculate Monthly Amortization:
To calculate your monthly amortization, you can use the formula for the reducing balance method, similar to calculating a car loan or housing loan.
SSS salary loan monthly amortization table
Here’s an example of a monthly amortization table for an SSS Salary Loan with loan amount, interest rate, and a 6-month repayment term.
- Loan Amount: $5,000
- Interest Rate: 10% per annum
- Loan Term: 6 months
| Remaining | Principal/month | Interest/month | Total Interest/month |
| $4,750 | $250 | $41.67 | $41.67 |
| $4,500 | $250 | $37.50 | $79.17 |
| $4,250 | $250 | $35.42 | $114.59 |
| $4,000 | $250 | $33.33 | $147.92 |
| $3,750 | $250 | $31.25 | $179.17 |
| $3,500 | $250 | $29.17 | $208.34 |
How to apply SSS salary loan online 2023
Here are Step-by-step to apply for salary loan SSS online:
Step #1. Prepare Your SSS Online Account
- Ensure that you have an active and registered SSS online account.
- If you don’t have one, you can register on the official SSS website: www.sss.gov.ph
Step #2. Log in to SSS Online Account
- Visit the SSS website and log in to your account using your username and password.
Step #3. Check Eligibility and Loan Amount
- You need to have at least 36 posted monthly contributions, with at least six contributions posted within the last 12 months before your loan application.
- Determine the maximum loan amount you are eligible for based on your contributions and monthly salary credit.
Step #4. Fill Out the Online Application Form
- Find the “E-Services” or “Online Services” section on the SSS website and select “Salary Loan Application.”
- Complete all required fields in the application form, including your personal information, employment details, desired loan amount, and bank information for loan disbursement.
Step #5. Submit Your Application
- Review your application for accuracy and completeness.
- After confirming the details, submit your application electronically through the SSS website.
- You will receive a confirmation message or email acknowledging your loan application. The processing time may vary, but you can check the status of your loan application through your SSS online account.
For more details about application using salary loan SSS online, you can watch these videos:
SSS salary loan disbursement thru bank
Follow these steps to get your SSS pay loan through a bank:
- Visit an SSS office or sign in to your SSS account online.
- Click on “Loans” and then “Salary Loan.”
- Enter the information of your loan and choose how you want to get the money (for example, by bank transfer).
- Give your bank account information so that the money can be sent to you.
- Check and double-check the information of your loan, and then send in your application. When your loan is accepted, the money will be sent straight to your bank account.
How to pay SSS salary loan online
Here are guidelines to pay off online salary loan for SSS:
Step #1. Log In to Your SSS Online Account
- Visit the official SSS website: www.sss.gov.ph and log in to your SSS online account using your username and password.
Step #2. Select “Salary Loan Payment”
- Look for the option that allows you to make a payment for your Salary Loan.
- Alternatively, you can choose the “Contribution Payment” option if it includes the loan repayment.
Step #3. Fill Out the Payment Details
- Complete the payment details as prompted.
- This typically includes entering your SSS loan account number, the amount you want to pay, and your preferred payment method (e.g., bank account, credit card).
Step #4. Review and Confirm Payment
- Review the payment details to ensure accuracy.
- Once you are satisfied that all information is correct, confirm the payment.
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FAQs
For more information about salary loan SSS online, follow the frequently asked questions below:
How long is the processing time of SSS salary loan?
Payback for a wage loan is often spread out over a period of 24 monthly payments. The first of the loan’s monthly payments, known as amortization, will commence in the second month after the loan was taken out. It is payable on or before the payment deadline for salary loan SSS form.
How much salary loan SSS?
The amount you can borrow is based on how much you put in and how much you make every month. The 1 month SSS income loan is equal to the average of your last 12 Monthly income Credits (MSC). The 2-month SSS loan is equal to 2x the average of your last 12 MSC.
How to pay SSS salary loan thru gcash?
Open the GCash app and log in. Click on the Bill Pay link. Enter the loan number, the amount, and the date of the loan payment. Choose how you want to pay SSS loan via gcash. Check the payment information and finish the purchase. Your SSS salary loan payment will be taken out of your GCash account.
Why SSS salary loan rejected?
Rejection for an SSS salary loan can be caused by a number of things, such as not having enough income, having a lot of debt compared to how much money you make, or not making your loan payments on time. Before reapplying for the loan, you should look at your credit history.
How much is the 3rd loan in SSS?
The most you can borrow on the 3rd is P2,000,000, but you shouldn’t borrow more than the current loan balance of the account you are taking over. Based on the contract to sell the work and bill of materials, the SSS looks at what the user actually needs.
Can I use gcash for SSS salary loan disbursement?
Yes, SSS pay loans can be paid out with GCash. The Social Security System (SSS) has teamed up with GCash to offer its users easy. You can get the money from your SSS pay loan right into your GCash account. Just be sure to have your SSS salary loan approval time.
Conclusion
In conclusion, salary loan SSS online is a quick and easy way for qualified members who need financial help to get it. SSS has made it easier to get a loan by making the application and handling part of it possible online.
This makes it possible for more people to get loans. This service not only makes sure that money is given out on time, but it also makes it easier for both applicants and SSS workers to deal with paperwork.
But users must be responsible and careful with their loans if they want to avoid possible financial problems.
In general, the SSS online Salary Loan is a helpful tool for members who are having trouble making ends meet.
Thanks to Salary loan SSS online, I could easily get a loan.
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