QUEZON CITY — The Social Security System (SSS) is urging members with at least 12 posted monthly contributions to apply for its new digital microloan facility, the SSS Micro Loan Program, also known as SSS LoanLite.
SSS President and Chief Executive Officer Robert Joseph M. de Claro said SSS LoanLite is designed to provide qualified members with accessible, secure, and affordable short-term financial assistance for immediate needs.
De Claro said qualified members may apply for loans ranging from P1,000 to P20,000, depending on the average of their 12 latest Monthly Salary Credits (MSCs). “Available repayment periods are 15, 30, 60, or 90 days, with an interest rate of 8% per annum, equivalent to approximately 0.67% per month.”
Eligibility
·To qualify for SSS LoanLite, eligible employed, self-employed, voluntary, and OFW members must:· Be at least 18 years old at the time of application and below 65 years old at the end of the loan term
· Have at least 12 posted monthly contributions
· Have no past-due Short-Term Member Loan (e.g., Salary, Calamity, or Emergency Loan)
· Have no pending or settled final benefit claim (e.g., retirement or permanent total disability), unless previously cancelled due to re- employment, resumption of self-employment, or recovery
· Have no active Restructured Loan (or, if fully paid, the required restrictive period must have lapsed)
· Have an account enrolled in the online facility of a participating financial institution (PFI)
· Have no active SSS Micro Loan and have fully paid any prior microloan refinanced by a PFI
· Have no record of fraud against SSS
Loanable amount
De Claro noted that while 12 contributions are enough to be eligible for the SSS LoanLite, members with at least 36 total contributions—including at least six posted within the 12 months immediately before applying—qualify for higher loan amounts up to the P20,000 ceiling.
De Claro said that members with at least 12 monthly contributions can borrow a loanable amount equal to 11% of their average MSCs in the last 12 months.
“For example, if a member’s average MSC over the last 12 months is P20,000 but the member has only 12 total contributions, the loanable amount is ?2,200 (11% of ?20,000),” he said.
Members with at least 36 total contributions, including at least six posted monthly contributions within the 12-month period immediately preceding the application, may qualify for the maximum loan amount of up to P20,000, depending on their average MSC.
Furthermore, members with existing Short-Term Member Loans (Salary, Calamity, or Emergency Loans) may still apply for SSS LoanLite, provided those loans are not past due and they have no active SSS Micro Loan.
Repayment and renewal
Repayments will be collected according to the agreed schedule through an automatic debit arrangement, which is the default collection mode. Deductions will primarily be made from the account where the loan proceeds were credited.
Loan renewal is allowed after full payment of the current microloan, as reported by the participating financial institutions.
Where to apply
At present, SSS LoanLite is available through the UnionDigital Bank mobile application.
De Claro said SSS is also working with Rizal Commercial Banking Corporation (RCBC), Land Bank of the Philippines (LBP), and Union Bank of the Philippines (UBP) to make LoanLite available through their respective digital platforms.
