The SSS offers a salary loan to Filipino citizens who are active members of the organization, regardless of their employment status. The loan amount is not fixed and is determined using a specific formula. It is important to note that this loan is not intended for home financing, as the amount is relatively small.
The interest rate for the SSS salary loan is 10% per year, based on the diminishing principal balance. The loan must be repaid within 24 months or two years. The 10% interest rate will be charged on the outstanding balance until the loan is fully paid. Additionally, a 1% service fee will be deducted from the loan proceeds.
If you wish to renew your SSS salary loan, you must pay at least 50% of the original principal amount before doing so.
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