If you’re affected by a calamity and considering applying for an SSS Calamity Loan, it’s crucial to understand the loan amount you may be eligible for. For 2024, the SSS Calamity Loan provides financial assistance based on your monthly salary credit (MSC). Specifically, you can borrow an amount equivalent to one MSC. This MSC is determined by averaging the last 12 months’ MSCs and rounding it up to the nearest thousand pesos. However, there’s a cap on the maximum loan amount, which is ₱20,000.
Repaying this loan is designed to be manageable. You can spread your repayment over a period of up to two years, with the total amount divided into 24 equal monthly installments. It’s important to note that your first amortization payment will begin in the second month after your loan is approved. This structured repayment plan ensures that you can handle the payments comfortably while addressing your immediate financial needs during a calamity.
