SSS offers emergency loans to Maymay, Habagat victims
Filipinos whose homes and livelihoods were affected by Tropical Storm Maymay and the enhanced habagat may get some financial relief as the Social Security System is offering its Emergency Loan Program to qualified members.
According to a press release, SSS president and CEO Robert Joseph de Claro said that the program is designed to give members nationwide access to financial assistance when calamities or other emergencies disrupt their finances.
"Through the ELP, qualified members affected by Tropical Storm Maymay and the enhanced Southwest Monsoon may access much-needed financial assistance under more flexible eligibility requirements," he said.
Under the program, the required number of monthly contributions has now been reduced from 36 to 18. However, the member must have at least six posted contributions in the last 12 months.
Self-employed, voluntary, non-working spouse, and land-based overseas Filipino worker members are required to have at least six monthly contributions under their current membership type before the month of loan application.
Other eligibility requirements include the following:
- Under 65 years old at the time of loan application;
- Have a valid Philippine home address on SSS records;
- Have updated contact information in the SSS database;
- Have no past-due emergency, calamity, salary, Educational Assistance Loan, or other short-term or long-term member loans;
- Have no outstanding restructured loan;
- Have not been disqualified due to fraud committed against the SSS;
- Have not been granted any final benefit like retirement or permanent total disability benefits; and
- Have an active disbursement account enrolled through the Disbursement Account Enrollment Module (DAEM) in the My.SSS Portal.
You can borrow up to P20,000 at an interest rate as low as 7% per annum. This is payable over 30 months, inclusive of a six-month moratorium period.
“Members are not required to make monthly amortization payments during the first six months from the date of loan approval. No penalties will be imposed during this period. Regular monthly amortization payments will begin in the seventh month,” de Claro explained.
Apart from this, members can simultaneously apply for an SSS salary loan for urgent, short-term needs, which is subject to its own eligibility requirements.
You can apply for the ELP through the My.SSS Portal on their website.