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How to Avail SSS EMERGENCY CALAMITY CRISIS LOAN
There's a Rainbow after the Rain.... Avail of the SSS Emergency Crisis Loan
Here are the details and requirements from https://www.sss.gov.ph
What is an EC emergency loan? It
is a loan granted to workers in the private sector who were separated from employment as a result of the currency crisis. Who may qualify for an emergency loan? A
member who has been separated from employment not earlier than 01 July 1997 due to mass lay-off, or who has been temporarily separated or
retrenched following the suspension of his firm's operation due to the currency crisis. A member who has not been laid off but whose income or wages have been effectively reduced due to job rotation or reduced working hours is also qualified. He
has paid and remitted at least six monthly contributions prior to the semester of separation
or temporary lay-off from employment or depletion of income. He
has not yet been granted a refund of contributions, retirement or total permanent disability benefits. He
must be up-to-date in the payment of all member loan obligations, including the following, prior to his separation from employment: salary loan calamity loan educational loan emergency loan stock investment loan privatization fund loan special educational loan for vocational and technical students special educational loan for Y2K conversion training member
assistance for the development of entrepreneurship (MADE), and housing
loan granted through the SSS, National Home Mortgage Finance Corporation (NHMFC) and Home Development Mutual Fund (Pag-IBIG). He
has no outstanding balance on any previous emergency loan granted by the Employees' Compensation Commission (ECC). He
has not been disqualified by the Social Security
Commission (SSC) for having filed a fraudulent loan application with the SSS. How much is the loanable amount? An
emergency loan is equivalent to twice the member-borrower's latest monthly salary credit posted in the SSS master file, but not to exceed P12,500. How much is the interest charged on an emergency loan? An emergency loan is charged an interest of six per cent a year, deductible in advance. What is meant by monthly salary credit? The monthly salary credit is the basis of the computation of benefits and loans (Please see the schedule of contributions). In case a loan is not paid, how much is the delinquency interest? Any
balance of the loan not paid on time will be charged an interest of one per cent a month until it is fully paid. How long will it take the member to pay back the loan and how does he pay? The
loan is payable within two years in equal monthly installments, exclusive of a 12 month grace period. The first monthly installment will be on the 13th month following the date of loan release. For employed members, the payments should be deducted by the employer from the member's salary and remitted to the SSS
through authorized collecting banks every month. The employer should report these payments to the SSS by submitting the duly certified Salary Loan Collection List
monthly. Unemployed borrowers will pay back through authorized collecting banks every month. In
case of the borrower's death, total disability or retirement, what will happen to the unpaid emergency loan? The
full amount of the loan including the accumulated interest, if any, will be deducted from his death, total disability or retirement benefit. When is the deadline for applying for an emergency loan? The
SSS will accept emergency loan applications until the entire P500 million allocated for this program has been released. What are the papers needed for filing an emergency loan? An
employed or separated member should submit an accomplished SSS Form ISL-101 (Salary Loan Application Form). A
borrower must include a certification of separation from
his company, if it is still in operation, that he was separated from employment not earlier than 01 July 1997. This should be duly validated by the Regional Director, Department of Labor and Employment (DOLE). If
the company has ceased operations as a direct result of the currency crisis, he must submit his termination papers or any proof of employment from the company, duly validated by the Regional Director, DOLE. If
the member has not been laid off, he must submit a certification from his employer that his income or wages have been effectively reduced not earlier than 01 July 1997, due to job rotation or reduced working hours. A borrower must also present any of the following documents: Passport
Professional Regulation Commission (PRC) Card
In the absence of these documents, a borrower must present any two of the following: Driver's License
Valid NBI clearance
Savings Account Passbook
GSIS Member's Record
from the Office of Southern/Northern Cultural Communities/Office of Muslim Affairs
BIR Taxpayer's Identification Number Card NOTE:
The employer should submit annually their updated SSS Form L-501 (Specimen Signature Card) to avoid delays in the processing of emergency loan applications. Where can a borrower file his emergency loan application? A
borrower may file his emergency loan application at the nearest SSS branch or representative office. This is as of August 10, 2012. For updates visit SSS official website https://www.sss.gov.ph Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
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