Sss Loan Application – Fill Out and Use This PDF

T E R M S A N D C O N D I T I O N S

APPROVED UNDER SOCI AL SECURI TY COMMI SSI ON RESOLUTI ON NO. 669 DATED 10 DECEMBER 2003

A.SALARY LOANS ELIGIBILITY REQUIREMENTS

1.AN EMPLOYED, CURRENTLY PAYI NG SELF-EMPLOYED OR VOLUNTARY MEMBER ( SE/ VM) WHO HAS 6 POSTED MONTHLY CONTRI BUTI ONS FOR THE LAST 12 MONTHS PRI OR TO THE MONTH OF FI LI NG OF APPLI CATI ON.

2.FOR A ONE-MONTH LOAN, THE MEMBER-BORROWER MUST HAVE 36 POSTED MONTHLY CONTRI BUTI ONS PRI OR TO THE MONTH OF FI LI NG OF APPLI CATI ON.

3.FOR A TWO-MONTH LOAN, THE MEMBER-BORROWER MUST HAVE 72 POSTED MONTHLY CONTRI BUTI ONS PRI OR TO THE MONTH OF FI LI NG OF APPLI CATI ON.

4.I F THE MEMBER-BORROWER I S EMPLOYED, HI S EMPLOYER MUST BE UPDATED I N CONTRI BUTI ONS AND LOAN REMI TTANCES.

5.THE MEMBER-BORROWER MUST BE UPDATED/ CURRENT I N THE PAYMENT OF HI S OBLI GATI ONS I N HI S OTHER MEMBER LOANS, WHI CH I NCLUDE EDUCATI ONAL, STOCK I NVESTMENT, MADE & HOUSI NG LOANS GRANTED UNDER THE UNI FI ED HOUSI NG LOAN PROGRAM ( UHLP) OR DI RECT FROM SSS.

6.THE MEMBER-BORROWER HAS NOT BEEN GRANTED FI NAL BENEFI T ( TOTAL PERMANENT DI SABI LI TY, RETI REMENT AND DEATH) .

7.THE MEMBER- BORROWER MUST BE UNDER SI XTY- FI VE ( 65) YEARS OF AGE AT THE TI ME OF APPLI CATI ON ( SSC RES. NO. 434 DATED 09 NOVEMBER 2005) .

8.THE MEMBER-BORROWER HAS NOT BEEN DI SQUALI FI ED DUE TO FRAUD COMMI TTED AGAI NST THE SSS.

LOAN AMOUNT

1.A ONE-MONTH SALARY LOAN I S EQUI VALENT TO THE AVERAGE OF THE MEMBER’S LATEST 12 MONTHLY SALARY CREDI TS POSTED.

2.A TWO-MONTH SALARY LOAN I S EQUI VALENT TO TWI CE THE AVERAGE OF THE MEMBER’S LATEST 12 MONTHLY SALARY CREDI TS POSTED ( ROUNDED TO THE NEXT HI GHER MONTHLY SALARY CREDI T) , BUT NOT TO EXCEED P24,000.

REPAYMENT TERM

THE ONE-MONTH OR TWO-MONTH SALARY LOAN SHALL BE PAYABLE WI THI N TWO ( 2) YEARS I N 24 EQUAL MONTHLY I NSTALLMENTS.

INTEREST AND PENALTY

1.THE LOAN SHALL BE CHARGED A NOMI NAL I NTEREST OF 10% PER ANNUM. FI RST YEAR’S I NTEREST SHALL BE DEDUCTED I N ADVANCE FROM THE PROCEEDS OF THE LOAN. SECOND YEAR’S I NTEREST SHALL BE I NCLUDED I N THE MONTHLY AMORTI ZATI ONS.

2.LOAN AMORTI ZATI ON NOT REMI TTED ON DUE DATE SHALL BEAR A PENALTY OF 1% PER MONTH.

SERVICE FEE

A SERVI CE FEE OF 1% OF THE LOAN AMOUNT SHALL BE CHARGED AND DEDUCTED FROM THE PROCEEDS OF THE LOAN.

LOAN RENEWAL

THE LOAN MAY BE RENEWED AFTER THE PRESCRI BED AMORTI ZATI ON PERI OD OF TWO ( 2) YEARS. BALANCE OF P500 OR LESS SHALL BE DEDUCTED FROM THE PROCEEDS OF THE NEW LOAN.

MODE OF PAYMENT

SELF-EMPLOYED/VOLUNTARY MEMBER-BORROWERS (SE/VM)

1.FOR SELF-EMPLOYED OR VOLUNTARY PAYI NG MEMBER- BORROWERS, THE FI RST AMORTI ZATI ON SHALL BE PAI D TO THE SSS OR ANY OF I TS

AUTHORI ZED BANKS ON OR BEFORE THE 10TH DAY OF THE THI RD MONTH FOLLOWI NG THE DATE OF LOAN.

EMPLOYED MEMBER-BORROWERS

2.FOR EMPLOYED MEMBER- BORROWERS ( I NCLUDI NG PARTI CI PANTS OF THE FAST TRACK PROGRAM) , THE FI RST DEDUCTI ON FROM THEI R SALARI ES SHALL START ON THE SECOND MONTH FOLLOWI NG THE DATE OF LOAN. ALL REMI TTANCES SHALL BE MADE ON OR BEFORE THE 10TH DAY

FOLLOWI NG THE APPLI CABLE MONTH OF DEDUCTI ON TO THE SSS OR TO ANY OF I TS AUTHORI ZED BANKS.

3.THE EMPLOYEE I S OBLI GED TO REPORT TO THE NEW EMPLOYER HI S OBLI GATI ONS WI TH SSS AND SHALL ALLOW THE NEW EMPLOYER TO DEDUCT

FROM HI S SALARY THE CORRESPONDI NG AMORTI ZATI ONS DUE, PLUS ANY PENALTY FOR LATE REMI TTANCE OF AMORTI ZATI ONS.

EMPLOYER

4.THE EMPLOYER SHALL BE RESPONSI BLE FOR THE COLLECTI ON AND REMI TTANCE TO THE SSS OF THE AMORTI ZATI ON( S) DUE ON THE MEMBER- BORROWER’S SALARY LOAN THROUGH PAYROLL DEDUCTI ON.

5.THE EMPLOYER SHALL REQUI RE NEW EMPLOYEES TO SECURE FROM THE SSS AN UPDATED STATEMENT OF ACCOUNT.

6.THE NEW EMPLOYER SHALL CONTI NUE THE DEDUCTI ON AND SHALL BE ACCOUNTABLE FOR REMI TTANCE TO THE SSS.

7.I N CASE THE MEMBER- BORROWER I S SEPARATED VOLUNTARI LY, ( E.G. RETI REMENT OR RESI GNATI ON) OR I NVOLUNTARI LY, ( E.G. TERMI NATI ON OF EMPLOYMENT OR CESSATI ON OF OPERATI ONS OF THE COMPANY) , THE EMPLOYER SHALL BE REQUI RED TO DEDUCT THE TOTAL BALANCE OF THE LOAN FROM ANY BENEFI T( S) DUE TO THE EMPLOYEE AND SHALL REMI T THE SAME I N FULL TO SSS.

8.I F THE BENEFI T( S) DUE THE EMPLOYEE OR THE AMOUNT THEREOF LEGALLY AVAI LABLE FOR OFFSET OF OBLI GATI ONS OF THE EMPLOYEE I S I NSUFFI CI ENT TO FULLY REPAY THE LOAN, THE EMPLOYER SHALL REPORT THE UNPAI D LOAN BALANCE TO SSS.

DEDUCTION OF UNPAID LOAN FROM BENEFITS

I N CASE OF MEMBER-BORROWER’S DEATH, TOTAL DI SABI LI TY OR RETI REMENT UNDER THE SOCI AL SECURI TY ACT, THE ENTI RE AMOUNT OR ANY UNPAI D AMOUNT OF THE LOAN AS WELL AS THE I NTEREST AND PENALTY THEREON, I F ANY, SHALL BE DEDUCTED FROM THE CORRESPONDI NG BENEFI T.

B.CALAMITY AND EMERGENCY LOANS (CL&EL)

SUBJECT TO GUI DELI NES AS APPROVED BY THE SOCI AL SECURI TY COMMI SSI ON.

I NSTRUCTI ONS

•BORROWER MUST FI LE SALARY LOAN APPLI CATI ON PERSONALLY AND MUST PRESENT HI S SOCI AL SECURI TY CARD.

•I F FI LED BY THE BORROWER’S REPRESENTATI VE, HE MUST PRESENT THE FOLLOWI NG: ( 1) HI S SOCI AL SECURI TY CARD OR ANY

TWO OF THE FOLLOWI NG I Ds: UNEXPI RED DRI VER’S LI SCENSE; PRC CARD; PASSPORT; POSTAL I D; SCHOOL OR COMPANY I D;

TAX I DENTI FI CATI ON NUMBER CARD ( TI N) .; ( 2) BORROWER’S SOCI AL SECURI TY CARD AND AUTHORI ZATI ON LETTER ( SI GNED BY BOTH BORROWER AND THE REPRESENTATI VE) .

•I F FI LED BY EMPLOYER’S REPRESENTATI VE, HE MUST PRESENT BLUE CARD ( COMPANY REPRESENTATI VE I DENTI FI CATI ON CARD) I SSUED BY SSS OR AUTHORI ZATI ON LETTER FROM EMPLOYER AND SOCI AL SECURI TY CARD.

•I F BORROWER I S A HOUSEHOLD HELPER, HE MUST PRESENT HI S SOCI AL SECURI TY CARD AND THAT OF HI S EMPLOYER. HI S EMPLOYER MUST ACCOMPLI SH PART I I OF APPLI CATI ON FORM AND SI GN I T.

•I N THE ABSENCE OF SOCI AL SECURI TY CARD, BORROWER I S ADVI SED TO APPLY I MMEDI ATELY FOR SAI D CARD AND PRESENT

ACKNOWLEDGEMENT RECEI PT OF E-6 AND ANY TWO VALI D I Ds MENTI ONED ABOVE.