What is the Loanable Amount for First-Time SSS Salary Loan Borrowers?
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What is the Loanable Amount for First-Time SSS Salary Loan Borrowers?
If you’re a first-time borrower wondering how much you can loan through the SSS Salary Loan, it’s important to understand that the amount you are eligible for depends on your Monthly Salary Credit (MSC) and number of contributions. The SSS has clear guidelines to ensure fair and consistent loan computation for all eligible members.
Loanable Amount: 1-Month vs 2-Month Salary Loan
SSS offers two types of salary loan options based on your posted contributions:
1-Month Salary Loan
You may qualify for a 1-month salary loan if:
You have at least 36 posted monthly contributions, with 6 of those posted within the last 12 months prior to your loan application.
The loanable amount is equivalent to your average MSC for the last 12 months, rounded down to the nearest ₱1,000, but not exceeding ₱15,000.
2-Month Salary Loan
You may qualify for a 2-month salary loan if:
You have at least 72 posted monthly contributions, with 6 of those posted within the last 12 months.
The loanable amount is equivalent to twice your average MSC for the last 12 months, rounded down to the nearest ₱1,000, but not exceeding ₱30,000.
đź’ˇ Note: The Monthly Salary Credit is not your actual salary but a fixed amount assigned by SSS based on your reported income.
Example:
If your average salary credit is ₱13,500 over the last 12 months:
You can borrow ₱13,000 for a 1-month loan.
You can borrow ₱26,000 for a 2-month loan (if eligible).
Where to Check Your Loanable Amount
Instead of doing manual computations, you can use our easy and user-friendly SSS Salary Loan Calculator to estimate how much you can loan and how much your monthly payments will be.
For first-time borrowers, the actual approved amount may be less than the maximum if your contributions are still catching up. Make sure your employer is remitting your contributions on time, or update your records if you’re self-employed or voluntary.
