Quick Answer: How Much Is The Penalty For Late Payment Of SSS Loan?

What will happen if you don’t pay your SSS loan?

The Lender Will Take Back Your Car or Home As a way to recover their losses, lenders will take back the loaned car or house when you fail to repay the loan.

For example, if you availed of an SSS housing loan, the SSS will foreclose the property as soon as you’ve failed to make six monthly loan payments..

What is the maximum loanable amount in SSS?

SSS members with at least 36 monthly contributions are eligible for the one-month salary loan of up to P15,000. The loanable amount is based on the member’s monthly salary credit (MSC), which is currently at a maximum of P15,000.

How long is SSS calamity loan?

7. If release thru UBP Quick Cards: The loan proceeds shall be credited to member-borrower’s account within three (3) to five (5) working days from approval date of the loan. Member-borrowers may avail of UBP Quick Cards at UBP Kiosks located at selected 26 SSS Branches. 9.

What happens if you don’t pay off a personal loan?

If You Don’t Pay If you stop paying on a loan, you eventually default on that loan. The result: You’ll owe more money as penalties, fees and interest charges build up on your account. Your credit scores will also fall.

How much is the 2nd SSS salary loan?

Those with at least 72 monthly contributions are entitled to a two-month loan worth twice their salary up to P30,000. SSS computes the actual loan amount by getting the average of the loan applicant’s monthly salary for the last 12 months of employment.

How can I check my SSS 2020 loan balance?

How to Check SSS Loan Balance Online 2020Step 1: Go to www.sss.gov.ph , then proceed to member login. Type in your SSS User ID and password. … Step 2: Hover your mouse to “E-Services” tab. When you hover your mouse under E-Services, a dropdown menu will show up. … Step 3: Hover your mouse to “Loans” tab.

How can I claim my SSS calamity loan?

How to qualify for the SSS calamity loan assistancehave at least 36 monthly contributions, six of which should be posted within the last 12 months before the application.have a work or home address within the Philippines as reflected in the SSS database.More items…•

How much is the penalty for SSS loan?

How much is the penalty for unpaid SSS loans? A. If you fail to pay the amount on your due date, you’ll incur a penalty of 1% per month until your loan is fully paid. Make sure that your employer is collecting and remitting the amortization on your behalf through salary deduction.

How can I pay my SSS loan past due?

To proceed with payment:Log on to https://www.sss.gov.ph.Click on Payment Reference Number (PRN)Copy the generated Payment Reference Number (PRN)Be sure to check if covered months being paid for is correct. … Log in to Security Bank Online.Select Pay Bills under Payments & Transfers.More items…

How is SSS loan penalty calculated?

INTEREST AND PENALTYThe loan shall be charged an interest rate of 10% per annum based on diminishing principal balance, and shall be amortized over a period of 24 months.Interest of 10% shall continue to be charged on the outstanding principal balance until fully paid.More items…

Can I pay my SSS loan in full?

The LRP allows SSS member-borrowers to settle their overdue loan principal and interest in full or by installment under a restructured term depending on their capacity to pay. For both payment schemes, SSS will waive all the loan penalties after the member has completed paying the restructured loan.

Who is eligible for SSS calamity loan?

The following are the qualifications in order for members to apply for the SSS calamity loan: Members who’ve had at least 36 months of contributions; with six (6) posted within the past 12 months on or before the month of application. Home address of the member should be at a declared State of Calamity.

How can I check my SSS calamity loan status?

Via SSS Hotline. Another way to check the SSS loan status is by doing it over the phone. The SSS hotline is 1455 at 1-800-10-2255777 toll-free.