SSS to launch COVID-19 calamity loan program on April 24
SSS Vice President for Public Affairs and Special Events, Fernando Nicolas, said that the SSS would launch a nationwide calamity loan program for COVID-19 on April 24.
According to Nicolas, members could borrow up to P20,000, or equivalent to a one-month salary credit. This loan is intended for the members’ financial needs from March 2020 to May 2020.
SSS had set aside some P20.4 billion to accommodate 1.74 million members who had been hit badly by the pandemic.
Application Process
The loan applications will be accepted through the SSS website or its mobile app as members can file using their MySSS account. As per Nicolas, once approved, loan proceeds will be credited through member’s enrolled bank account.
Eligibility
The following are the qualifications in order for members to apply for the SSS calamity loan:
- Members who’ve had at least 36 months of contributions; with six (6) posted within the past 12 months on or before the month of application.
- Home address of the member should be at a declared State of Calamity.
- Must not be a delinquent borrower
- Must not have availed any SSS benefit or claim such as:
a. Permanent disability
b. Death
c. Retirement Program
Furthermore, Nicolas mentioned that the loan is payable in 27 months, inclusive of the three-month moratorium period. Thus, payments will start on the fourth month after date of loan approval. SSS will also be waiving the 1% service fee. The loan would be charged a 10% interest per annum starting on the fourth month and would be computed “on a diminishing principal balance”.
