How many contributions to loan in sss

The outstanding balance of your first or existing loan will be deducted from the proceeds of your new loan. However, it has much stricter rules on penalty. It even comes with a service fee. The penalty for failure to pay the amortization is not as hefty as that of the SSS loan. Each of them has its own benefits and drawbacks, so study their offerings and requirements carefully.

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Personal Loans. Gadget Protect. At least six has been contributed for the last 12 month. The two-month loan requires 72 monthly contributions. You can borrow a maximum amount of P15, for a one-month loan. The highest amount you can borrow for two-month salary is P30, However, the actual loanable amount will depend on the average amount you have been paying as your monthly contribution for the last 12 month.

Any amount may be requested as long as the remaining amount of the first or current loan can be deducted from it. You have to check your loan balance especially if you are employed. This is to be sure that your employer is able to remit your SSS loan payment every month. Thanks to a more developed online system, members can enjoy a smoother SSS online registration process and quicker salary loan processing time. SSS members who have at least 36 months total contributions and 6 months of contributions in the last twelve months can apply.

You can also apply for a two-month salary loan. But you should have at least 72 months of posted contributions and 6 months of contributions in the last twelve months. Not sure how many months of contributions you have to loan from SSS? You can find all your SSS contributions on the My. SSS portal. Just log in to your account and click on Inquiry. Select Contributions to see your total number of contributions.

You must also have up-to-date payments of other loans acquired. Furthermore, you should not have received the SSS final benefits as well, like retirement and death benefits. Curious to know how to get a loan from the SSS online? E mployed SSS members need to prepare the following:. If unavailable, OFWs can designate a representative to submit their application and documents in the Philippines.

SSS [2] portal. Check out this SSS online registration guide if you have not registered yet. It will teach you the steps to register for an account and how to fill out the SSS loan form, just to name a few. O nce you have successfully registered, follow these simple steps. The Social Security System provides salary loans to members who have at least 36 months of continuous monthly contribution.

The documents or paperwork needed to apply for the loan are not too extensive. Your loan is generally payable in 24 monthly installments. Your due date each month varies depending on the applicable identification number, and whether you are employed or self-employed.

You can visit the SSS website to know more about their loan terms. If you prefer to apply for the loan the old school way, you can file the application at the branch nearest your residence or business. The processing time, however, will still be the same as the online application. If the application is done through the branch, the receipt should be provided to the employer.

The information will be shown on your SSS. If your loan is still under process, the status will be shown there. Both criteria must be met for renewal.