We’re glad that the SSS has improved its salary loan program. In January 2011, I wrote on this blog that SSS salary loans are not really low-cost, compared to some bank loans, such as the Credit-to-Cash of BPI Express Credit and the Easy Pay of BDO Credit Cards.
Now, finally, SSS has listened to members’ concerns, and these are the changes:
1. Maximum loan amount
You can now borrow up to 30,000 pesos. Previous maximum was 24,000 pesos.
2. No more advance charging of interest.
In the past, you don’t get the whole amount of your loan because SSS deducts your first-year interest. Dati, yong sa maximum loan na 24k, ang nakukuha lang is 21,360. Now, no more. You will get a much bigger amount.
Wala pang sinabi about the service charge. Kung kagaya pa rin ng dati na 1% of the loan amount, yong 30k loan ay mababawasan ng 300 pesos. Ang 15k loan ay mababawasan ng 150 pesos.
3. Earlier loan renewal date
You can now renew your loan after paying half of your loan and one year has passed since your loan check date. Dati, antayin mo ang two years, at dapat 500 pesos or less na lang ang natitirang loan balance.
4. Members can write their preferred loan amount.
Pero, sorry, kasi depende pa rin ang loan amount mo sa average of your latest 12 monthly salary credits na na-post na.
Ito ang mga dati pa ring terms:
1. Basis of Loan Amount
Depende pa rin sa average monthly salary credit mo over the 12-month period before your loan application date.
2. Term of Loan
Two years pa rin. You pay your loan over a period of 24 months.
3. Interest Rate
Ang annual interest rate ay 10% pa rin. Kelangan din daw kumita ang SSS.
4. Eligibility for the SSS Salary Loan
Ganon pa rin na you must have paid at least 36 monthly contributions before you can apply for an SSS salary loan. At dapat nakabayad ka ng at least 6 contributions within the 12-month period before loan application.
4. Basis of Loan Amount
One-month loan — kapag 36 monthly contributions but less than 72 contributions
Two-month loan — kapag meron nang 72 monthly contributions
All changes had taken effect last December 1, 2012.
Source: Member News, SSS website