YOUR TAX, BUSINESS, PROFESSIONAL SYSTEM UPDATE HERE. ENTER YOUR DETAILS

* indicates required

SSS Salary Loan


1. ELIGIBILITY REQUIREMENTS
1.1 For a one-month loan, the member-borrower must have 36 posted monthly contributions, prior to the month of filing of application.
1.2 For a two-month loan, the member-borrower must have 72 posted monthly contributions, prior to the month of filing of application.
1.3 An employed, currently paying self-employed or voluntary member(SE/VM) who has 6 posted monthly contributions for the last 12 months prior to the month of filing of application.
2. LOAN AMOUNT
A one-month salary loan is equivalent to the 2.1
average of the member-borrower’s latest 12
monthly salary credits posted.
2.2 A two-month salary loan is equivalent to twice the average of the member’s latest 12 monthly salary credits posted (rounded to the next higher monthly salary credit, but not to exceed P24,000).


3. REPAYMENT TERM
The one-month or two-month salary loan shall be payable within two (2) years in 24 equal monthly installments.
4. INTEREST AND PENALTY
The loan shall be charged a nominal interest 4.
of 10% per annum. 1
First year’s interest shall be deducted in advance from the proceeds of the loan.
Second year’s interest shall be included in the monthly amortizations.
4.2    Loan amortization not remitted on due date shall bear a penalty of 1% per month.
5. SERVICE FEE
A service fee of 1% of the loan amount shall be charged and deducted from the proceeds of the loan.
6. LOAN RENEWAL
The loan may be renewed after the prescribed amortization period of two (2) years.
Balance of P500 or less deducted from proceeds of new loan.



SSS Salary Loan



No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...