- 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?
is a loan granted to workers in the private sector who
were separated from employment as a result of the
- Who may qualify for an emergency loan?
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.
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.
has not yet been granted a refund of
contributions, retirement or total permanent
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).
has no outstanding balance on any previous
emergency loan granted by the Employees'
Compensation Commission (ECC).
has not been disqualified by the Social Security
Commission (SSC) for having filed a fraudulent
loan application with the SSS.
- 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.
- How much is the loanable amount?
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?
balance of the loan not paid on time will be charged an
interest of one per cent a month until it is fully paid.
- 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.
- The full amount of the loan including the accumulated interest, if any, will be deducted from his death, total disability or retirement benefit.
- The SSS will accept emergency loan applications until the entire P500 million allocated for this program has been released.
- 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:
In the absence of these documents, a borrower must present any two of the following:
- Professional Regulation Commission (PRC) Card
- Seaman's Book
- Driver's License
- Valid NBI clearance
- Company ID
- Postal ID
- Major credit cards
- Voter's ID
- Savings Account Passbook
- Alien Certificate of Registration
- GSIS Member's Record
- Certification 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.
- 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