What are the Interest Rates for SSS Loans?
Contents
About This Guide
This guide is based on current procedures and requirements. For the most accurate and up-to-date information, always refer to official sources
References & Further Reading
For the most accurate and up-to-date information, always refer to official sources:
Quick answer: For most SSS consumer loans (Salary Loan / Multi-Purpose / Calamity Loan) the commonly quoted interest is 10% per year, plus a one-time service/processing fee (usually 1% of the loan), and late-payment penalties (commonly 1% per month). Always confirm with your My.SSS loan schedule or the SSS website for the current and exact figures.
How SSS loan interest & fees generally work
- Interest: Typically stated as 10% annual rate for common SSS short-term loans. SSS shows your exact amortization schedule in My.SSS once your loan is approved.
- Service / processing fee: Usually a one-time fee (commonly 1% of the principal) that may be deducted from proceeds or added to the balance depending on the product.
- Penalty for late payment: Often charged as a percentage (commonly 1% per month) on overdue amounts.
- Exact computation method and amortization schedule are provided by SSS when you apply - rely on the official schedule for monthly due amounts.
Note: SSS may update rates, fees, or rules. The safest source for current numbers is the SSS website or your My.SSS account.
Simple example
You borrow PHP 20,000 for 24 months and assume 10% annual interest and 1% one-time service fee:
- One-time service fee (1%): PHP 200 (may be deducted from proceeds).
- Interest (rough estimate): 20,000 × 10% × 2 years = PHP 4,000 (actual monthly amortization may differ).
- Total payable (estimate): 20,000 + 4,000 = PHP 24,000 ->gt; Monthly ≈ PHP 1,000. This is a simplified illustration. SSS may calculate using outstanding balance and present a detailed schedule in My.SSS.
How to confirm exact interest and amortization (step-by-step)
- Log in to My.SSS ->gt; Loans ->gt; View loan application/status and amortization.
- Check the SSS Loans page or latest announcements on sss.gov.ph for any program changes.
- Call the SSS hotline or visit an SSS branch if you need a printed schedule or clarification.
Checklist - what you need to apply or check loan details
- SSS Number and My.SSS account (register if you haven't).
- Updated contributions (check posted contributions on My.SSS).
- Valid ID (government-issued).
- Bank account details for disbursement (if applicable).
- For calamity loans: supporting documents such as barangay / municipal certification of calamity area (if required).
- Completed loan application form (online via My.SSS or printed form if applying in-branch).
Quick tips for borrowers in the Philippines
- Always retrieve and save your My.SSS loan amortization schedule - that shows the exact monthly due, interest, fees, and penalties.
- If unsure about figures shown, request a printed copy at an SSS branch or ask SSS customer service.
- Pay on time or set up post-dated checks/auto-pay (if available) to avoid penalties.
Where to get official, up-to-date information:
- SSS official website and announcements
- My.SSS portal (loan tab and history)
- SSS branches or customer service
Stay safe: interest/fee specifics can change. Use My.SSS and sss.gov.ph for the definitive numbers before signing or accepting any loan offer.
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