New SSS Loan Guidelines 2013 sytem

New SSS System and Loan Application Guidelines

If it's new with regards to SSS loan, it's gonna be either for the 2012 or 2013 and since the year is ending as I write this post. I would like assume that the new system for SSS loan application is for the year 2013. If you are on your way to apply for it, then good because a couple of weeks ago, the government has come up with this new system and set of guidelines to follow for all SSS members and qualified applicants so you have to read carefully or visit the official Social Security System website to know more about this. Please continue reading below or from the original source which is the Philippine Information Agency website here - http://www.pia.gov.ph/news/index.php?article=2421355290951.

ILOILO CITY, December 12 (PIA) -- The Social Security System (SSS) has started implementing its revised guidelines on short-term member loans.

Under the SSS Circular No. 2012-018, SSS Members can avail themselves of higher salary loan amounts and more flexible lending terms and conditions.

The guidelines took effect on December 1.

The new salary guidelines allow members to file for renewal if they have already paid at least 50 percent of the principal loan amount and at least half of the two-year loan term has lapsed.

Previously, members can only renew their loan if the outstanding balance is P500 or lower.

The amendments also include a maximum salary loan of P30,000, higher than the SSS’ previous ceiling of P24,000. The loanable amount remains based on the average of the member’s latest 12 posted monthly salary credit (MSC).

The one or two-month salary loan shall be payable in 24 equal monthly installment to start on the 2nd month following the date of the loan.

In a PIA interview with Members Service OIC-Section Head Rene Gonzales of the Iloilo Branch, he said that one of the benefits of the new guidelines is that the 10 percent interest for the first year shall no longer be deducted in advance, which translates to bigger net loan proceeds of the borrower.

Gonzales also said that the encoding of application for these loans in the Iloilo Branch was temporarily put on-hold the past week, but was resumed Dec. 11.

He added that the SSS Office is open to inquiries and clarifications from its members. (JCM/LTP/PIA-ILOILO)

You may also read my previous post regarding the SSS salary loan and how long it will take you to process and get your official loan cheque.