Good Changes in SSS Salary Loan Program

Updated September 21, 2015:

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.  Previously,  if you’re given the maximum loan of 24,000,  you get only 21,360.  Now,  you will get a much bigger amount. No advance interest deduction.

The only deduction is the service fee, which is 1% of the loan amount.  If your loan amount is 30,000 pesos, your service fee will be 300 pesos.  If loan amount is 15,000 pesos, the service fee is 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. In the past, you have to wait for two years before you can borrow again, and your balance should have been down to 500 pesos or less.

4.  Members can write their preferred loan amount.

But your maximum loan amount  will still depend on the average of your latest 12 monthly salary credits that have been posted.

The following previous SSS salary loan terms are still being applied:

1.  Basis of Loan Amount
Your loan amount still depends on your average monthly salary credit (AMSC) for the 12-month period before your loan application date.

AMSC x 1 — if you have 36 monthly contributions but less than 72 contributions
AMSC x 2 — if you have 72 monthly contributions or more (maximum is 30,000)

2.  Term of Loan

Still two years.  You pay your loan from month to month over a period of 24 months. SSS will set the monthly amortization amount.

3.  Interest Rate

The annual interest rate is still 10%.  

4.  Eligibility for the SSS Salary Loan

Still the same.  You must have paid at least 36 monthly contributions before you can apply for an SSS salary loan.  And you must have paid at least 6 contributions within the 12-month period before loan application.



All changes had taken effect last December 1, 2012.

Source:  Member News,  SSS website

Chart of SSS Contributions, Philippines

SSS Payment Deadlines for SSS Contributions and Salary Loans


Add a Comment
  1. Good day! Am I eligible to renew my loan this August, is this already implemented — the Salary Loan Release through bank program to any bank whether savings or cash card account? thanks

  2. Hi Ms Nors, I’m applying for an SSS loan, but there are 2 unposted monthly payments. If I apply, how will the 2 unposted payments be deducted? from present loan?

  3. Hi Abegail, if your new loan is approved before SSS sees your 2 unposted payments, your 2 unposted payments will be deducted from the new loan. Continue tracking the posting of your loan payments and your outstanding balances.

  4. Hi, last 2008 I loaned and until now I have not paid it. Is it possible that when I pay it, there will be no interest or penalty? For sure the penalties and interests have swelled.

  5. Hi madz, sorry, you will pay all the penalties and interests. Even if they launch a penalty condonation program (don’t know when, or if they will launch again), not all penalties or interests are removed. Only a portion is removed.

  6. Nagpasa na ako ng resignation and nagrerender nalang ako hanggang Feb.14 2016 sa pinagtatrabahuan ko. Pero nag-apply ako ng loan for SSS ng January 21. Makukuha ko kaya yung ni-loan ko?

  7. Hello, I would like to inquire if there are other ways so that my remaining SSS loan will not be deducted from my last pay. It’s insufficient, as I resigned unexpectedly. I wish the HR no longer deducts my remaining loan. Thanks

  8. Hi Sar, did you apply for this loan while you were employed with this company? If your company has been complying with SSS rules, then HR/accounting will deduct your remaining SSS loan from your last pay. This is an SSS policy that obedient companies are complying with. You just hope that they forget, or they have a glitch so your loan balance won’t be deducted. You can also plead with the HR, but HR people are employees too and they enforce policies to protect their jobs.

  9. Hi Miss Nora Good Day To you I got my loan this month if ever I will pay the half of it in my own pocket will I will be able to reloan again even I dont wait the 1 year? Please reply thank you

  10. Hi Ms. Nors,
    Ask lang po ako, on my first loan last May 2014, i have not submitted my voucher to HR kasi I dont know na need pala submit yun. By the time after 10 hinulugan ko na sya and right now I have a balance of 11,500.

    1. If I paid it full, am i eligible for the 2nd loan? I have 74 total of contri..
    2 May possibilities po ba na di ma grant ung loan application ko kasi I have paid it voluntarily?
    3. If I paid directly sa SSS, how many days po bago magreflect sa online?
    4. And how many weeks bago ko makuha ung check?
    5. How much po ung makukuha ko if ever?

    Thanks po

  11. Mrs Nora can you help me to find the total value of my loan, march 29,2013 i was get my first loan worth of PESOS 17,000 and now how much if i FULLY paid it all if possible,,,

  12. March 29,2013 loan type 17,000 pesos how much the expected tatol amount of loan. and can i fully paid it now if passible

  13. Hello Ms Nora

    I want to confirm if ever i will loan a 30000 now, what will be my amortization amount? is it 1500 for 2 years?

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