11.22.2012

When Can I Renew My SSS Salary Loan?

Updated June 4, 2014:

SSS Salary Loan Renewal 

There had been changes in the SSS Salary Loan program since December 2012.



When can I apply for a new loan? 

You can now apply for a new loan after you have paid at least 50% or one-half of your first loan and one year or more has passed since the date of your first loan check.


Make sure also that your latest loan amortization that will complete your 50% payment has been posted to your SSS account.

Even if you have paid your latest amortization, but it has not been remitted yet by your employer to SSS, or it has not been posted yet to your SSS account, then you cannot yet renew your loan. The system will tell you that you have not yet paid at least half of your loan.

You can check your loan eligibility through your online SSS account. See Loans or Loan Application.


How much can I borrow if I renew?

SSS will deduct your old loan balance from your new loan computation based on your monthly contributions.

The amount of your salary loan is based on your Average Monthly Salary Credit for the past 12 months (12 months before your loan application).

Example:  Here are your monthly contributions and salary credits for the 12 months before you apply for your salary loan:

1,560       15,000
1,560       15,000
1,560       15,000
1,508       14,500
1,508       14,500
1,456       14,000
1,456       14,000
1,404       13,500
1,456       14,000
1,352       13,000
1,300       12,500
1,560       15,000
Total      170,000 

You add the salary credits, and then divide by 12.
170,000 divided by 12  = 14,166. 67

Your one-month loan amount is 14,166.67
This is the amount you can borrow if you have accumulated at least 36 monthly contributions, but less than 72 monthly contributions.

If you already have accumulated 72 monthly contributions or more, you will be given a 2-month loan:
 14,166.67  x  2  =  28,333.34

The maximum loan amount is 32,000 pesos. 
Monthly contributions increased in January 2014. 
The maximum salary credit has increased to 16,000.


What happens to your old loan balance?

The balance from your old loan will be deducted from your new loan computation.
For example, you are eligible for a loan of 30,000 pesos, but your balance from your old loan is 11,000 pesos, you will get a new loan amounting to 18,700 pesos.

30,000  -  300 pesos (service fee)  - 11,000 (old loan balance)  = 18,700 pesos

Renew SSS Salary Loan, SSS Loan

SSS Education Loan for College and Vocational Students


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