It is always important to make informed financial decisions and plan your budget effectively before applying for an SSS loan. This SSS Loan calculator helps SSS members clearly understand their borrowing options and repayment terms. It estimates the amount you can borrow from SSS, as well as the repayment terms based on your contributions and eligibility.
SSS Loan Calculator
| Month | Due Date | Amortization | Interest | Principal | Outstanding Balance |
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How to Use the SSS Loan Calculator?
Using the SSS Loan Calculator will help provide you with an estimate of the amount you can borrow from SSS, as well as the repayment terms. Here are the steps on how to use it:
Step 1. Gather Required Information
Before using the SSS Loan Calculator, it’s important to know the necessary information you’ll need to input, such as your Monthly Salary Credits for the past 12 months, the type of loan you want to get (Salary Loan, Calamity Loan, Educational Loan, or Housing Loan), and lastly, if any existing loans you already have.
Step 2. Access the Loan Calculator
Visit ssscalc.com. Look for the “SSS Calculator” tab in the upper left corner of the page. Click the drop-down menu and select “SSS Loan Calculator.”
Step 3. Input Necessary Information
Input all the necessary information, and then decide on the type of loan you want to avail yourself of. Choose your loan start date, click the “Calculate” button, and wait for the tool to generate the results.
Step 4. Wait for the Calculation
The calculator will use your MSC in the past 12 months to estimate the total loan amount that you are entitled to receive.
Step 5. Understanding the Results
The results will display tables based on the type of loan you choose: either the 1-month Salary Loan or the 2-month Salary Loan for a Salary Loan. These tables will change if you select the Calamity, Educational, or Housing Loan. The table includes details such as due date, your monthly amortization, the loan’s interest and principal amounts, and your outstanding balance.
Amortization – It is the amount you will need to pay each month.
Interest – This is the portion of your monthly payment that goes towards the interest on the loan.
Principal – The principal is the portion of your monthly payment that goes towards paying off the original loan amount.
Outstanding Balance – Lastly, the outstanding balance. This information refers to the remaining amount you owe on the loan after each payment.
Types of SSS Loans
The Social Security System (SSS) offers various loan options to support the different needs of its members, providing them with several types of loans tailored for specific purposes. Here are some of the primary types of SSS loans:
- The Salary Loan
- The Calamity Loan
- The Educational Loan
- The Housing Loan
All of these loan types have different interest rates and calculations that are available in the SSS Loan Calculator. For additional financial tools, you can explore the SSS Maternity Benefits Calculator and the SSS Pension Estimator.
Steps in Applying for an SSS Loan
Below are the steps for applying for an SSS Loan:
Step 1. Check your Eligibility
Ensure you meet the eligibility criteria for the specific type of loan (e.g., Salary Loan, Calamity Loan). This typically includes having a certain number of monthly contributions and an active SSS membership.
Step 2. Prepare Required Documents
Next, gather all necessary documents to support your loan application. This includes your SSS ID or number, recent records of your SSS contributions, and proof of income or employment.
Step 4. Fill out and Submit your Application Form
Browse through the SSS website or visit an SSS branch to obtain the Salary Loan application form. Fill out the loan application form with accurate details and ensure that you attach all required documents as specified in the form.
Step 5. Wait for Processing
After submission, your application will be reviewed by SSS. The processing time can vary, so be prepared to wait for the notification of your loan status. During this period, SSS will evaluate your eligibility and the completeness of your documents.
FAQs
What is the purpose of the SSS Loan Calculator?
The SSS Loan Calculator helps members estimate their eligibility for SSS loans and determine the possible loan amount they can borrow, providing them with a quick way to get an idea of their loan options based on their SSS contributions and other relevant details.
What information do I need to use the SSS Loan Calculator?
You only need to provide your Monthly Salary Credits for the past 12 months and the amount of any existing loans
How accurate is the SSS Loan Calculator?
Even though the SSS Loan Calculator provides a useful estimate, the final loan amount and terms will depend on SSS’s detailed assessment of your application.
Can I use the SSS Loan Calculator for all types of SSS loans?
Yes, the calculator can generally estimate eligibility for various SSS loan types.
Is the estimate from the SSS Loan Calculator guaranteed?
The estimated amount provided by the calculator does not guarantee loan approval or the final loan amount.
Is the SSS Loan Calculator free?
Using the SSS Loan Calculator is free of charge. It is a tool provided to help you estimate loan options for free.
What types of SSS loans can I calculate using the SSS Loan Calculator?
The SSS Loan Calculator can be used to estimate eligibility for various types of SSS loans, including Salary Loans, Calamity Loans, Educational Loans, and Housing Loans.
Can overseas Filipino workers use the SSS Loan Calculator?
Yes, you can use the calculator as often as needed to explore different loan scenarios or check eligibility for various loan amounts.