SSS Salary Loan Calculator 2019
Calculate your potential SSS salary loan amount, monthly amortization, and interest based on your contributions
Comprehensive Guide to SSS Salary Loan Calculator 2019
The Social Security System (SSS) Salary Loan is one of the most accessible financial assistance programs for employed, self-employed, and voluntary members in the Philippines. This 2019 guide will help you understand how the salary loan works, how to calculate your potential loan amount, and what you need to qualify.
What is an SSS Salary Loan?
The SSS Salary Loan is a short-term loan granted to eligible SSS members to meet their immediate financial needs. The loan amount is based on the member’s average monthly salary credit (MSC) and the number of contributions paid.
Key Features of SSS Salary Loan (2019)
- Loan Amount: 1 to 2 times the member’s average MSC
- Interest Rate: 10% per annum
- Loan Term: 24 months (2 years) maximum
- Processing Fee: 1% of the loan amount
- Payment Method: Salary deduction for employed members
Eligibility Requirements (2019)
To qualify for an SSS Salary Loan in 2019, you must meet the following requirements:
- Must be an SSS member (employed, self-employed, or voluntary)
- Must have at least 36 posted monthly contributions
- Must have at least 6 posted contributions for the last 12 months before the month of filing
- Must not be more than 65 years old at the time of application
- Must not have any existing SSS loan that is in default
- Must not have been granted final benefit (total permanent disability, retirement, or death)
How to Compute Your SSS Salary Loan
The SSS Salary Loan amount is computed based on your Monthly Salary Credit (MSC) and your contribution history. Here’s how it works:
| Monthly Salary Credit Range | 1-Month Loan Amount | 2-Month Loan Amount |
|---|---|---|
| ₱3,000 – ₱3,999.99 | ₱3,000 | ₱6,000 |
| ₱4,000 – ₱4,999.99 | ₱4,000 | ₱8,000 |
| ₱5,000 – ₱5,999.99 | ₱5,000 | ₱10,000 |
| ₱6,000 – ₱7,999.99 | ₱6,000 | ₱12,000 |
| ₱8,000 – ₱9,999.99 | ₱8,000 | ₱16,000 |
| ₱10,000 – ₱14,999.99 | ₱10,000 | ₱20,000 |
| ₱15,000 and above | ₱15,000 | ₱30,000 |
Note: The actual loan amount you can get depends on your average MSC for the last 12 months and your total contributions.
Interest Rate and Payment Terms
The SSS Salary Loan in 2019 has the following financial terms:
- Interest Rate: 10% per annum
- Service Fee: 1% of the loan amount (deducted from the loan proceeds)
- Payment Term: 24 months (2 years)
- Payment Schedule: Monthly amortization through salary deduction (for employed members) or over-the-counter payment (for self-employed/voluntary members)
How to Apply for SSS Salary Loan (2019 Process)
Here’s the step-by-step process for applying for an SSS Salary Loan in 2019:
- Check your eligibility: Verify that you meet all the requirements mentioned above.
- Prepare requirements:
- SSS digitized ID or E-6 (acknowledgment stub) with two valid IDs
- For employed members: Certificate of Employment with compensation details
- For self-employed/voluntary members: Latest IT return or other proof of income
- File your application:
- Online: Through the SSS website (www.sss.gov.ph)
- In-person: At any SSS branch
- Wait for approval: Processing usually takes 5-7 working days
- Receive your loan: Through your nominated bank account or SSS-issued check
SSS Salary Loan vs. Other Loan Options (2019 Comparison)
| Feature | SSS Salary Loan | Bank Personal Loan | Credit Card Cash Advance |
|---|---|---|---|
| Interest Rate | 10% per annum | 12%-24% per annum | 2%-3% per month (24%-36% per annum) |
| Processing Fee | 1% of loan amount | 1%-3% of loan amount | 3%-5% of advanced amount |
| Loan Amount | Up to 2x MSC (max ₱30,000) | ₱50,000 – ₱2,000,000 | Up to credit limit |
| Payment Term | 24 months | 12-60 months | Varies (usually short-term) |
| Processing Time | 5-7 working days | 3-7 working days | Instant |
| Eligibility | SSS members with 36 contributions | Good credit score, stable income | Credit card holder |
Tips for Successful SSS Salary Loan Application
- Check your contribution history: Ensure you have at least 36 posted contributions before applying.
- Update your information: Make sure your SSS records (name, address, contact details) are up-to-date.
- Apply during the right time: Avoid applying during peak seasons (December-January) when processing might be slower.
- Prepare complete requirements: Missing documents are the most common reason for delays.
- Consider your repayment capacity: Only borrow what you can comfortably repay within 24 months.
- Use the loan wisely: Prioritize essential expenses like medical emergencies, education, or home repairs.
Common Reasons for SSS Loan Disapproval
Understanding why applications get rejected can help you improve your chances of approval:
- Insufficient contributions: Not meeting the 36-contribution requirement
- Default on previous loans: Having an existing SSS loan that’s in default
- Age limit exceeded: Being over 65 years old at the time of application
- Incomplete requirements: Missing documents or information
- Discrepancies in information: Mismatch between your SSS records and submitted documents
- Final benefit recipient: Already receiving retirement, disability, or death benefits
What to Do If Your SSS Loan is Disapproved
If your application gets rejected, here’s what you can do:
- Request for reconsideration: If you believe there was an error in the evaluation
- Complete missing requirements: If your application was incomplete
- Pay outstanding loans: If you have defaulted on previous SSS loans
- Make additional contributions: If you don’t meet the contribution requirements
- Consider other loan options: If you’re not eligible for an SSS loan, explore other financial assistance programs
SSS Salary Loan Repayment Guide
Repaying your SSS loan on time is crucial to maintain good standing and eligibility for future benefits:
- For employed members: Your monthly amortization will be automatically deducted from your salary
- For self-employed/voluntary members: You can pay through:
- SSS branches
- Accredited banks (BPI, Metrobank, etc.)
- Bayad Centers
- Online payment facilities
- Payment deadlines: Due on or before the 10th of each month
- Late payments: Incur a penalty of 1% per month
- Early repayment: Allowed without pre-termination fees
Frequently Asked Questions About SSS Salary Loan 2019
Q: Can I apply for an SSS salary loan if I have an existing calamity loan?
A: Yes, you can have both a salary loan and a calamity loan simultaneously, as long as you’re not in default on any of them.
Q: How long does it take to receive the loan proceeds?
A: After approval, it usually takes 3-5 working days for the funds to be credited to your account.
Q: Can I change my loan term after approval?
A: No, the loan term is fixed once approved. However, you can pay off the loan earlier without penalties.
Q: What happens if I miss a payment?
A: Missing payments will incur a 1% monthly penalty. Continuous non-payment may lead to your account being turned over to a collection agency.
Q: Can I still get my SSS benefits if I have an outstanding salary loan?
A: Yes, you can still receive your SSS benefits, but any outstanding loan balance will be deducted from your benefit claims.
Important Reminders for SSS Members
- Always keep your SSS contributions updated to maintain eligibility for loans and benefits
- Use the SSS mobile app or website to monitor your contributions and loan status
- Report any changes in your personal information (marital status, beneficiaries) to SSS
- Consider increasing your voluntary contributions if you’re self-employed to maximize your benefits
- Attend SSS seminars and webinars to stay informed about program updates
Official Resources and References
For the most accurate and up-to-date information about SSS salary loans, refer to these official sources:
- Official SSS Website – The primary source for all SSS programs and updates
- SSS Member Portal – For online transactions and contribution verification
- Department of Labor and Employment (DOLE) – For labor-related policies that may affect SSS benefits
For academic research on social security systems in the Philippines:
- University of the Philippines School of Labor and Industrial Relations – Publishes studies on Philippine social security systems