How much can I loan in SSS for the first time? Taking out a loan from SSS the first time can be a little tricky and the organization is also a little reluctant to give out loans to first-timers.
However, it is not impossible and there are a few ways in which you can ensure your early eligibility.
The eligibility criteria along with the loan amount are discussed in detail in the following article. So, keep on reading to find out more!
How Much is the First Loan In SSS?
If you are taking out an SSS loan for the very first time, the loan amount will depend upon two things. The first is your average monthly salary credit (MSC) and the second is the total number of SSS contributions you have made to date.
You could either take out a one-month loan or a two-month loan depending upon your eligibility. The factors and considerations for loan eligibility are discussed down below.
1. One-Month Loan
In order to secure a one-month loan from SSS, you must have made at least 36 monthly contributions. Furthermore, you must have made a minimum of six of these payments in the last twelve months prior to the loan application. The loan amount you shall be eligible for in this scenario would be equivalent to your average MSC in the last twelve months.
2. Two-Month Loan
In order to secure a two-month loan from SSS, you must have made at least 72 monthly contributions. Amongst these 72 contributions, you must have made 6 in the twelve months prior to the loan application. The amount you will be eligible to receive would be equivalent to two times your average MSC for the last twelve months.
Additional Considerations
There are a few other considerations that would be factored in while giving out the SSS loan to the beneficiaries. For instance, if you have any outstanding loans, the amount would be deducted from the loan amount and the remaining amount would be transferred to your account. Additionally, a 1% service fee would also be deducted from the loan amount before it is disbursed to you.
How much can I loan in SSS for the first time?
Depending upon your eligibility, you will either get a one-month loan or a two-month loan if you are a first-timer. In the one-month loan, you will receive an amount equivalent to your average MSC in the last twelve months. In the two-month loan, you will receive an amount equivalent to two times your average MSC for the last twelve months.
SSS has a few restrictions when it comes to giving out loans to its members. These restrictions are even stricter for those who are taking out loans for the very first time. You would only be able to secure a one-month or a two-month loan depending upon your eligibility.