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The Social Security System has launched SSS LoanLite, a digital microloan program offering qualified members loans from P1,000 to P20,000 with an 8 percent annual interest rate. Members with at least 12 monthly contributions can apply through digital platforms including UnionDigital Bank.
The Social Security System (SSS) has launched its digital microloan facility, the SSS Micro Loan Program also known as SSS LoanLite, and is urging members to apply.
SSS LoanLite Loan Terms
SSS President and CEO Robert Joseph de Claro said in a news release on Saturday that SSS LoanLite is designed to provide qualified members with accessible, secure, and affordable short-term financial assistance for immediate needs. The program is available through the UnionDigital Bank mobile application. 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).
De Claro said the available repayment periods are 15, 30, 60 or 90 days, with an interest rate of 8 percent per annum equivalent to approximately 0.67 percent per month. To qualify for SSS LoanLite, eligible employed, self-employed, voluntary and Overseas Filipino Workers must meet several requirements. A member must be at least 18 years old at the time of application and below 65 years old at the end of the loan term.
The member must also have no past-due Short-Term Member Loan such as a Salary, Calamity or Emergency Loan. The member must have no pending or settled final benefit claim such as retirement or permanent total disability unless previously cancelled due to re-employment, resumption of self-employment or recovery. Other requirements include having no active Restructured Loan or if fully paid the required restrictive period must have lapsed.
The member must also have no active SSS Micro Loan and must have fully paid any prior microloan refinanced by a participating financial institution. The member's account must also be enrolled in the online facility of a participating financial institution among other requirements.
Higher Loan Amounts
De Claro said that while 12 contributions are enough to be eligible for 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. Members with at least 12 monthly contributions can borrow an amount equal to 11 percent of their average MSCs over 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 P2,200 which is 11 percent of P20,000. Meanwhile members with at least 36 total contributions including at least six posted monthly contributions within the 12 months immediately preceding the application may qualify for the maximum loan amount of up to P20,000 depending on their average MSC.
Repayment and Digital Access
Members with existing Short-Term Member Loans such as 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 de Claro said. Loan repayments will be collected according to the agreed schedule through an automatic debit arrangement which is the default collection mode. Deductions will be made primarily 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. De Claro said SSS LoanLite is currently available through the UnionDigital Bank mobile application. The SSS is also coordinating with Rizal Commercial Banking Corporation (RCBC) Land Bank of the Philippines (LBP) and Union Bank of the Philippines (UBP) to make LoanLite accessible through their respective digital platforms.
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TheManilaTimes:This story was compiled and edited by the HeadTopics newsroom and HT AI from the reports above.
SSS Loanlite Microloans Digital Lending Pension Fund Short-Term Loans Digital Microloan SSS Micro Loan Program Social Security System Short-Term Financial Assistance
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