Millions of Filipinos are struggling to make ends meet as a result of the ongoing coronavirus (COVID-19) pandemic, which has resulted in job cuts, work stops, and business closures. The SSS launched the Calamity Loan Assistance Program to assist members who were impacted by the crisis knowing this.
'_com-medrectangle-3','ezslot_5',191,,_('div-gpt-ad-_com-medrectangle-3-0'); The SSS calamity loan is equivalent to one monthly salary credit (MSC) based on the average of the last 12 MSC (rounded up to the nearest thousand). The loan is available to all qualified SSS members, whether they are employed, self-employed, or voluntary.
Therefore, if you are interested in applying for the SSS calamity loan, we have prepared this concise guide to ease your application process. The entire application procedure can be completed online through the SSS website, so you do not need to visit the SSS office.
You will need a computer or smartphone with a reliable Internet connection for this procedure. Verify that you already possess a My. Account SSS. unless you have a My. You can sign up for a SSS account here.
Table of ContentsThe SSS Calamity Loan Application ProcessStep 1: Eligibility and Requirements Log in to My Account. Step 2 of SSS Account: Step 3: Update Your Local Mailing Address Step 4: (Optional) Enter the Details of Your Bank Account Completing the SSS Calamity Loan Application FormSchedule of PaymentsInterest, Fees, and PenaltiesConclusion SSS Calamity Loan Eligibility and Requirements The following individuals are eligible for the SSS Calamity Loan Assistance Program: 300,250], ""_com-medrectangle-4,"" ""ezslot_6,"" and ""192,"" respectively;
You must be a resident of the Philippines and have a home or work address in the Philippines. You must make at least 36 monthly contributions, six of which must have been posted within the last year. Has not received any final benefits, such as retirement or total permanent disability. Neither the Loan Restructuring Program (LRP) nor the Calamity Loan Assistance Program (CLAP) must be active.
Between June 15, 2020 and September 14, 2020, the SSS Calamity Loan Assistance Program will be available to participants.
Application for a SSS Calamity Loan The SSS calamity loan application process can only be completed online using your My account. Account SSS. You need a computer or laptop with an Internet connection and a web browser like Google Chrome. The SSS mobile app cannot be used to apply for the disaster loan at this time.
You can refresh the page by pressing F5 on your keyboard or clicking the reload button on your browser if you encounter errors during the application process.
Step 1: Log in to My Account. SSS Account Access your My account by logging in to the SSS website. Account SSS. '_com-box-4','ezslot_7',193,,_('div-gpt-ad-_com-box-4-0');
Click Submit after entering your user ID and password and completing the captcha (""I'm not a robot"").
Navigate to ""E-SERVICES"" in the menu bar after logging in and select ""Apply for Calamity Loan.""
Before you can continue with your application, you might be required to update your local mailing address. The SSS calamity loan online application form can be completed immediately if you have previously updated your local mailing address.
Step 2: Change Your Local Address To change your local address, select the ""MAILING ADDRESS"" checkbox, as shown in the screenshot. 300,250],'_com-banner-1',);
Include your house number, street, province, city or municipality, and barangay in your mailing address.
If you want, you can also update your email address, phone number, or mobile phone number.
Click ""NEXT"" after providing your mailing address. After selecting the mailing address form, this button may sometimes disappear. You can reappear the ""NEXT"" button by selecting and then unchecking a different box, such as ""FOREIGN ADDRESS.""
If everything is correct after reviewing the details of your data change, click the ""SUBMIT"" button.
When the success dialog appears, select ""OK.""
Step 3: If you want the money from your loan to be credited to your bank account, enter the details of your bank account (optional). Electronic loan disbursement is currently restricted to UnionBank of the Philippines (UBP) savings accounts and UnionBank Quick Cards.
Enter your bank account number twice and select your bank (UNION BANK OF THE PHILIPPINES) from the drop-down menu. Check to see that you own the bank account.
Click ""Enroll Bank Account"" after checking the box that says you accept the use of your personal information.
If you want to provide SSS with information about your bank account, a dialog box will appear. Select ""OK.""; ezslot_16,196,,_;
You can now have the funds from your loan credited to your UnionBank account because your bank account is now enrolled with SSS.
Step 4: Complete the SSS Calamity Loan Application Form By going to ""E-SERVICES"" and clicking ""Apply for Calamity Loan,"" you can access the SSS calamity loan application form online.
From the drop-down menu, select the loan amount.
Choose the bank as well if you want the loan funds deposited into your account. Otherwise, select the ""Employer Address"" or ""Mailing Address"" as your preferred check address. Your check will be delivered here.
Select your present employer. The system will provide the employer branch location and employer ID on its own. '','ezslot_18',197,,_('div-gpt-ad--0');
Mark the box that says you accept the terms and conditions. A new window will open with the terms and conditions document for the SSS disaster loan. This PDF file can be printed or read.
Select ""Proceed.""
Examine the Loan/Credit Transaction Disclosure Statement. All of the information about your SSS disaster loan, including the amount of the loan, any fees or other charges, and the payment schedule, can be found in this document. If you want, you can print it or download it.
For the next step, select ""Proceed.""
Read the Certification, Agreement, and Promissory Note of your SSS calamity loan application.
To continue with your application, click ""Submit"" and then ""OK"" when prompted. '_com-large-mobile-banner-2','ezslot_19',198,,_('-2-0');
Your SSS calamity loan application has been submitted successfully. Keep or print out your transaction number in case you ever need it to answer questions.
You can access My on a regular basis. SSS account to see where your application stands. The SSS will also notify you via text message that your loan application has been approved. Within three to five business days of the approval date, the loan funds will be credited to your account.
Schedule of Payments The SSS calamity loan is due in 27 installments, which includes the three-month moratorium.250,250],'_com-leader-4','ezslot_22',705,,_('div-gpt-ad-_com-leader-4-0');
The fourth month following the approval of the disaster loan will see the beginning of the loan's amortization. If your loan was approved in April 2020, for instance, the amortization period will begin in August 2020.
The last day of the month following the applicable month will be the payment deadline. You can pay the following business day if the deadline falls on a Saturday, Sunday, or holiday. For instance, the due date is September 30, 2020, if the applicable month is August 2020. 580,400],'_com-leader-2','ezslot_20',199,,_('div-gpt-ad-_com-leader-2-0');
At SSS branches with payment facilities, SSS-accredited banks, and SSS-authorized payment centers, loan amortizations can be paid.
Penalties, Fees, and Interest The SSS disaster loan will have an annual interest rate of 6% starting on the fourth month, based on a decreasing principal balance. The remaining 24 months will be used to pay off the loan. The loan will not be subject to any prior interest charges. Additionally, 1% of the loan amount will be deducted from the proceeds as a service fee.
The outstanding principal balance will be credited with any excess amortization payment. For amortizations that are not paid in full by the due date, a penalty of one percent per month will be assessed.
A default on the loan will occur if amortizations are not paid in full within six months. The entire loan balance will become due and payable in the event of loan default. A defaulted loan will accrue interest at a rate of 10% annually based on the outstanding principal balance and a penalty of 1% per month until the loan is fully repaid.
In conclusion, the SSS calamity loan program can assist you during difficult times if you are one of those adversely impacted by a disaster or calamity. You can also apply for an SSS salary loan if you haven't already. You don't need to go to the SSS branch and bring documents because both loans can be applied for online. The funds will be deposited directly into your bank account or sent to you by check following approval. To avoid additional fees and penalties, don't forget to pay your amortizations on time.300,250],'_com-leader-3','ezslot_21',600,,_('div-gpt-ad-_com-leader-3-0');
Visit the SSS website or call the SSS toll-free hotline at 1-800-10-2255777 (1-800-10-CALLSSS) if you have any additional inquiries regarding the SSS calamity loan and CLAP.
Tags: Social Security SystemSSS300,250], ""_com-mobile-leaderboard-1,"" ""ezslot_23,"" and ""722,"" respectively;""" - https://www.affordablecebu.com/
