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Latest News Philippines: SSS offers higher loan, more flexible terms – Journal.com.ph:
THE Social Security System has introduced revised lending guidelines for a higher salary loan and more flexible terms for its members.
SSS president and chief executive officer Emilio de Quiros Jr. said the new guidelines were approved by the governing board last April 18 and took effect on December 1.
The new guidelines were aimed to align the SSS salary loan program with the prevailing market conditions.
“Amid the current low interest rates, the SSS relaxed its lending terms and conditions that result in a higher maximum loanable amount, bigger net loan proceeds, lower computation of interest payments and earlier loan renewals for members,” De Quiros said.
Under the new salary loan scheme, members can 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.
De Quiros added that while the loanable amount remains based on the average of the members’ latest 12 posted monthly salary credits, the new guidelines provide a maximum salary loan of P30,000, higher than SSS’ previous cap of P24,000.
“Members paying at the current P15,000 maximum MSC become entitled to the full payment of a two-month salary loan, which is now P30,000. As added flexibility, members can indicate how much they want to borrow as long as it is within their loanable amount,” he added.
Joel dela Torre
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