What Does the Repayment Schedule Mean in the SSS Salary Loan Disclosure Statement?
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What Does the Repayment Schedule Mean in the SSS Salary Loan Disclosure Statement?
When you receive your SSS Salary Loan Disclosure Statement, you might notice a section called Repayment Schedule — usually a table showing several rows of months, dates, and amounts. For many borrowers, this part looks confusing at first. But this section is very important. It tells you exactly how your SSS loan will be paid back, how much each payment is, and when your amortizations will start and end.
In this article, we’ll break down what the repayment schedule really means, how to read it, and what each column tells you. We’ll also discuss how your monthly amortization is calculated, what happens if you miss a payment, and how to estimate your payments using the SSS Salary Loan Calculator.
🏦 What Is an SSS Salary Loan?
The SSS Salary Loan is a short-term cash loan offered by the Social Security System (SSS) to provide financial assistance to employed, self-employed, and voluntary members. It’s designed to help cover urgent needs such as education, medical bills, or daily expenses.
Depending on your posted contributions, you can borrow:
1-month salary loan — equal to one month of your Average Monthly Salary Credit (AMSC)
2-month salary loan — equal to two times your AMSC
The loan is payable through monthly installments, which are automatically deducted from your salary (if employed) or paid through SSS payment partners (if self-employed or voluntary).
📄 What the Repayment Schedule Means
The Repayment Schedule in your SSS Salary Loan Disclosure Statement shows a detailed breakdown of how your loan will be repaid over time.
Example layout:
Month
Beginning Balance
Payment
Interest (0.667%)
Principal
Remaining Balance
1
₱20,000.00
₱900.00
₱133.40
₱766.60
₱19,233.40
2
₱19,233.40
₱900.00
₱128.85
₱771.15
₱18,462.25
3
₱18,462.25
₱900.00
₱123.10
₱776.90
₱17,685.35
4
₱17,685.35
₱900.00
₱117.80
₱782.20
₱16,903.15
5
₱16,903.15
₱900.00
₱112.76
₱787.24
₱16,115.91
6
₱16,115.91
₱900.00
₱107.57
₱792.43
₱15,323.48
7
₱15,323.48
₱900.00
₱102.31
₱797.69
₱14,525.79
8
₱14,525.79
₱900.00
₱97.00
₱803.00
₱13,722.79
9
₱13,722.79
₱900.00
₱91.53
₱808.47
₱12,914.32
10
₱12,914.32
₱900.00
₱86.12
₱813.88
₱12,100.44
11
₱12,100.44
₱900.00
₱80.27
₱819.73
₱11,280.71
12
₱11,280.71
₱900.00
₱75.18
₱824.82
₱10,455.89
13
₱10,455.89
₱900.00
₱69.94
₱830.06
₱9,625.83
14
₱9,625.83
₱900.00
₱64.17
₱835.83
₱8,789.99
15
₱8,789.99
₱900.00
₱58.66
₱841.34
₱7,948.65
16
₱7,948.65
₱900.00
₱52.99
₱847.01
₱7,101.64
17
₱7,101.64
₱900.00
₱47.37
₱852.63
₱6,249.01
18
₱6,249.01
₱900.00
₱41.67
₱858.33
₱5,390.68
19
₱5,390.68
₱900.00
₱35.95
₱864.05
₱4,526.63
20
₱4,526.63
₱900.00
₱30.19
₱869.81
₱3,656.82
21
₱3,656.82
₱900.00
₱24.41
₱875.59
₱2,781.23
22
₱2,781.23
₱900.00
₱18.55
₱881.45
₱1,899.78
23
₱1,899.78
₱900.00
₱12.67
₱887.33
₱1,012.45
24
₱1,012.45
₱900.00
₱6.75
₱893.25
₱0.00
This schedule tells you how much you pay each month, how much of it goes to interest, and how much reduces your remaining balance.
💡 How to Read the Repayment Schedule
1. Due Date
This is the date each monthly payment (amortization) is due. Usually, the first payment starts on the second month after loan approval. 👉 Example: If your loan was approved on March 12, your first amortization starts in May.
2. Principal
This is the portion of your payment that directly reduces your loan balance.
3. Interest
This is the amount you pay as a borrowing cost — calculated at 8% per year based on the diminishing balance.
4. Total Amortization
The total monthly amount due (Principal + Interest). This stays roughly the same each month.
5. Balance
The remaining amount you still owe after each payment.
📆 How Many Months Are in the Repayment Schedule?
The SSS Salary Loan is payable through:
12 months (1-year loan)
24 months (2-year loan)
Each month corresponds to one installment, shown clearly in your repayment schedule.
💬 Tip: Even if you fully repay early, you can request a Statement of Account from SSS to verify your remaining balance or overpayment.
🧮 How the SSS Loan Amortization Is Computed
Your monthly payment is computed using:
8% annual interest rate (based on the diminishing principal)
1% service charge (deducted upfront)
Pro-rated interest (for days between approval and first payment month)
Step 2: Monthly amortization (approximation) ₱20,000 ÷ 24 = ₱833.33 (principal) + ₱134 (interest for first month) = ₱967.33 total first-month amortization.
Each following month, the interest portion decreases slightly while the principal portion increases.
✅ You can verify or estimate this using the SSS Salary Loan Calculator. Just enter your average salary credit and loan term to view your estimated repayment schedule instantly.
📜 Why the Repayment Schedule Is Important
Your repayment schedule helps you:
Track each month’s payment
See your loan’s progress
Understand how interest is computed
Avoid missing deadlines
Plan your budget ahead
Think of it as your loan roadmap — it shows exactly when and how you’ll finish paying your SSS loan.
⚖️ What Happens If You Miss a Payment?
If you fail to pay on time:
A 1% penalty per month applies to your unpaid amortization.
Your loan will be considered in default after several missed payments.
Future SSS benefits (e.g., maternity, sickness, or final benefits) may be deducted to cover unpaid balances.
💬 Example: If your monthly amortization is ₱2,000 and you miss one month, you’ll be charged ₱20 in penalty (₱2,000 × 1%).
💸 Can You Pay Your Loan Early?
Yes! You can fully pay your loan anytime without penalties. Early repayment helps reduce your total interest. Simply go to any SSS branch or accredited payment center and request your updated balance.
🏠 How Employers Handle Repayments
For employed members:
The employer automatically deducts the monthly amortization from your salary.
Employers must remit payments to SSS on time.
Any delay by the employer still reflects as unpaid in your account, so always check your SSS loan status online.
For self-employed or voluntary members:
Payments are made manually through SSS branches, GCash, or partner banks.
📊 Key Details Shown in the SSS Salary Loan Disclosure Statement
Aside from the repayment schedule, your disclosure statement also includes:
Loan amount approved
Net proceeds (after deductions)
Interest rate (8% per annum)
Service charge (1%)
Pro-rated interest
Number of installments
Due dates and amounts
Each of these ensures transparency so you know where every peso goes.
⚠️ Common Issues and What to Do
Issue
What It Means
What You Can Do
My repayment schedule doesn’t match my payslip
Employer delayed or under-remitted payments
Verify with SSS loan inquiry portal
I can’t find the repayment schedule
Check your SSS Salary Loan Disclosure Statement PDF or My.SSS account
My amortization is higher than expected
Pro-rated interest or loan renewal may have affected the total
Use the SSS Salary Loan Calculator for verification
My payments are not reflected
Wait 1–2 posting periods or request a Loan Statement of Account
🧾 TL;DR — Quick Summary
The Repayment Schedule in your SSS Salary Loan Disclosure Statement shows:
How long you’ll pay (12 or 24 months)
How much each monthly payment is
How interest and principal are divided
When each payment is due
Always keep your repayment schedule copy — it’s your guide to staying on track and avoiding penalties. You can also use the SSS Salary Loan Calculator to estimate your payments anytime.
❓ FAQs About the SSS Salary Loan Repayment Schedule
1. When does my first payment start? Usually, your first amortization starts on the second month after loan approval.
2. How many months is the repayment schedule for? Depending on your loan type, it’s either 12 months (1-year loan) or 24 months (2-year loan).
3. Can I pay my SSS salary loan early? Yes, you can settle your loan in advance without penalties.
4. What if I lose my repayment schedule? You can download a new copy from your My.SSS account under “Loan Details.”
5. Why is my first month’s deduction lower or higher than usual? That’s due to pro-rated interest, which adjusts the interest for the partial month before your first full payment cycle.
✅ Final Thoughts
Your SSS Salary Loan Disclosure Statement isn’t just paperwork — it’s your complete guide to understanding how your loan works. The repayment schedule gives you transparency, predictability, and peace of mind knowing when your loan will end.
By staying updated and using tools like the SSS Salary Loan Calculator, you can confidently manage your payments and stay debt-free faster.
