The SSS emergency loan is indeed an excellent source to get your hands on the funds during times of calamity. The organization has made the process very simple as well so that you can easily get the money you need.
The loan amount is also quite adequate and the eligibility criteria are very basic too. All you have to do is apply for the loan and within two to three days of processing, the funds will be transferred into your account. For further details, keep reading down below.
Eligibility Criteria
The eligibility criteria for the SSS emergency loan are pretty straightforward. In fact, there are only four conditions that you must meet in order to secure this loan. The first condition is that you must be a contributing member making regular payments currently.
Secondly, you must have made at least thirty-six monthly contributions to the SSS fund with a minimum of six installments paid in the preceding 12 months. The third condition is that you must be currently living in an area declared under a state of calamity by the government. And finally, you must not have a defaulted loan in your name,
Loan Amount
You must wonder about the maximum amount of loan that you might receive from SSS in case of emergency. So, for that, you need to compare ₱20,000 with your one-month salary credit. You will receive the lower of the two amounts.
Application Process
The application process for the emergency loan of SSS is also very simple. Once you have ensured your eligibility, you need to gather all the required documents. You may refer to the official website to find out exactly which documents are required to be attached to the application form.
You will find the application form on the website as well. Simply log into your My.SSS account to access the form. You don’t even have to download the form.
Simply fill it up online and attach the required documents before submitting it right there and then. After that, simply wait for the approval and after that, the loan amount will be disbursed into your bank account.
The entire process of getting the SSS emergency loan is very simple. You just have to ensure your eligibility and go to your SSS online portal to access the form. Fill it up, attach the required documents, and then submit.
In only a few days you will receive the approval of your loan and after that, the amount will be transferred directly into your account. You will receive the lower of ₱20,000 or one month’s salary credit whichever is lower.