A.
1.
1.1
1.2
2.
3.
4.
5.
6.
B.
C.
1.
2.
3.
D.
1.
2.
Payment Deadline
(following the applicable
month)
If 10th (last) digit of the
SS number ends in:
Payment Deadline
(following the applicable
month)
10th day of the month 1 or 2 10th day of the month
15th day of the month 3 or 4 15th day of the month
20th day of the month 5 or 6 20th day of the month
25th day of the month 7 or 8 25th day of the month
Last day of the month 9 or 0 Last day of the month
3.
E.
1.
2.
3.
4.
F.
G.
1.
2.
3.
4.
5.
H.
I.
1.
2.
J.
1.
2.
3.
The member-borrower has not been disqualified due to fraud committed against the SSS.
The member-borrower whose residence or place of work should be located or affected in the declared calamity areas by
TERMS AND CONDITIONS
LOAN ASSISTANCE FOR MEMBERS AFFECTED BY CALAMITY/DISASTER
ELIGIBILITY REQUIREMENTS
All currently contributing employed, self-employed and voluntary members, including those who availed of the Penalty
Condonation Program:
For a one-month loan, the member-borrower must have thirty six (36) posted monthly contributions, six (6) of which should
be within the last twelve (12) months prior to the month of filing of application.
For a two-month loan, the member-borrower must have seventy two (72) posted monthly contributions, six (6) of which
should be within the last twelve (12) months prior to the month of filing of application.
The member-borrower whose employer must be updated in the payment of contributions.
The member-borrower has not been granted final benefit, i.e., total permanent disability, retirement and death.
The member-borrower must be under sixty-five (65) years of age at the time of application.
deadline, as follows:
For employers (ERs)
For self-employed (SE) and voluntary members (VM)
(except OFW-members)
the National Disaster Risk Reduction and Management Council (NDRRMC), if applicable.
AVAILMENT PERIOD
October 1, 2014 up to December 31, 2014.
LOAN AMOUNT
A one-month salary loan is equivalent to the average of the member-borrower's latest posted 12 Monthly Salary Credits
(MSCs), or amount applied for, whichever is lower.
A two-month salary loan is equivalent to twice the average of the member-borrower's latest posted 12 MSCs, rounded to the next
higher monthly salary credit, or amount applied for, whichever is lower.
The net amount of the loan shall be the difference between the approved loan amount and all outstanding balance of short-term
member loans.
REPAYMENT TERM AND SCHEDULE OF PAYMENT
The loan shall be payable within two (2) years in 24 monthly installments.
The monthly amortization shall start on the 2
nd
month following the date of loan, which is due on or before the payment
Any excess in the amortization payment shall be applied to the outstanding principal balance.
Loan amortization not remitted on due date shall bear a penalty of 1% per month until the loan is fully paid.
If 10th digit of the 13-digit
ER number ends in:
Payment shall be made at any SSS branch with tellering facility, SSS-accredited bank or SSS-authorized payment center.
INTEREST AND PENALTY
The loan shall be charged an interest rate of 10% per annum based on diminishing principal balance, and shall be amortized over
a period of 24 months.
Interest of 10% per annum shall continue to be charged on the outstanding principal balance until fully paid.
DEDUCTION OF UNPAID LOAN FROM BENEFITS
A member-borrower who transfers employment shall submit to his new employer an updated statement of account of any outstanding
loan balance with SSS and allow his employer to deduct from his salary the corresponding amortization due, including any interest/or
penalty for late remittance.
In case of default, the arrearages/unpaid loan shall be deducted from the benefits claimed by the member, whichever comes first, as
follows:
SERVICE FEE
Service fee of 1% shall be waived.
RESPONSIBILITIES OF EMPLOYER
The employer shall be responsible for the collection and remittance to the SSS of the amortization due on the member-borrower’s
SLERP through payroll deduction.
The employer shall deduct the total balance of the loan from any benefit/s due to the employee and shall remit the same in full to
SSS, in case the member-borrower is separated voluntarily (e.g., retirement or resignation) or involuntarily (e.g., termination of
employment or cessation of operations of the company).
The employer shall report to the SSS the effective date of separation from the company and the unpaid loan balance of the
employee, through the collection list, if the benefit(s) due the employee is insufficient to fully repay his loan.
The employer shall require a new employee to secure from the SSS an updated statement of his account.
The employer shall deduct and remit to SSS any outstanding loan balance of new employees.
RESPONSIBILITY OF MEMBER-BORROWER
The member-borrower shall notify the Member Services Section of the nearest SSS branch of any change in address/employer
thru mail/email/over-the-counter (OTC). The notice should include the SS number, name and signature of the member-borrower.
The member-borrower shall fill out the box "Others" and indicate "SLERP- TROPICAL STORM "MARIO" on the Loan
Type portion of the application form (Part I).
R.A.3765, OTHERWISE KNOWN AS "TRUTH IN LENDING ACT"
A DISCLOSURE STATEMENT ON LOAN TRANSACTION SHALL BE ISSUED BY SSS TO THE MEMBER-BORROWER
UPON RECEIPT OF HIS LOAN APPLICATION.
For self-employed/voluntary member, deduction shall be from short-term benefits (Sickness/Maternity/Partial Disability).
In case of member-borrower's death, total disability or retirement under Social Security Act, the entire amount or any of unpaid
amount of the loan as well as the interest and penalty thereon, if any, shall be deducted from the corresponding benefit.
OTHER CONDITIONS/INSTRUCTION/S
Any overpayment on a previous loan shall be applied to the subsequent loan, if any. Otherwise, the overpayment shall be
refunded upon request of the member-borrower.