Who is qualified for SSS loan?

Who is qualified for SSS loan?

Eligible Borrowers Member must be a member of the SSS; Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application. Member not more than 60 years old at the time of application and must be insurable.

What are the supporting documents for SSS loan?


  • Member Loan Application Form.
  • SSS digitized ID or E-6 (acknowledgement stub) with any two valid IDs, one of which with recent photo. Unexpired Driver’s License. Professional Regulation Commission (PRC) ID card. Passport. Postal ID. School or Company ID. Tax Identification Number (TIN) card. Seaman’s Book.

How much education loan can I get?

In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.

How can I pay my SSS education loan?

Payment may be made through an SSS branch with tellering facility or in SSS-accredited banks, using SS Form ML-1 (Member Loan Payment Return) and indicate Payment Type as “Educational”. B. Payment can also be made through salary deduction by member- borrower’s employer.

Can a student apply for SSS?

Yes, if the purpose is for employment, like a summer job or part-time job for working students. Just present your birth certificate or school ID when applying for an SSS number.

Can I loan in SSS without employer?

Member-borrowers can be currently employed, self-employed, or voluntary contributors. This loan is designed to meet the short-term financial needs of the applicant.

How long does SSS loan gets approved?

The loan proceeds shall be credited to the member-borrowers’ nominated bank account within (1) one to (2) two banking days from the date of approval of the loan.

Is it difficult to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakh and Rs.

What are requirements for education loan?

Documents required for Education Loan

  • KYC documents.
  • Bank Statement / Pass Book of last 6 months.
  • Optional – Guarantor Form.
  • Copy of admission letter of the Institute along with fees schedule.
  • Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

What are the requirements in availing the education loan fund?

Must have established credit history and good credit standing. Must be a permanent resident or resided for a minimum of 2 years in the area of residence. Must have a combined monthly net take home pay after loan amortization of P10,000 per enrolled student.

Can an 18 year old apply for SSS?

How can I register? Men 18-25 can register online with a valid SSN, by using our printable registration form, or by completing a form (SSS Form 1) at the post office.

Can I apply SSS without a job?

Even self-employed and unemployed people and non-working spouses can become SSS members as long as they’re able to pay their monthly dues. And once you become an SSS member, you’re a member for life.

What will happen if I did not pay my SSS loan?

Default in Payment of Amortization Any unpaid loan amortization shall bear a penalty of 1.5% for every month of delay. If the mortgagor fails to pay at least six (6) monthly amortizations, the SSS may immediately foreclose the mortgaged property.

How do I know if I qualify for student loans?

Federal student loan requirements

  • Demonstrate financial need.
  • Be a U.S. citizen or eligible noncitizen.
  • Have a Social Security number.
  • Enroll in an eligible degree or certificate program.
  • Make satisfactory academic progress.
  • Register with Selective Service.
  • Enroll at least half time for Federal Direct Loans.

Do you need security for education loan?

Collateral Required for Education Loan Guidelines show that a loan taken up to Rs. 4 lakh does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as a third-party guarantee.

Why do education loans get rejected?

When it comes to education loans, most lenders have very strict policies regarding the CIBIL scores of both, education loan applicants, as well as their co-applicants. A CIBIL score lower than 600 is one of the reasons behind an education loan rejection in a majority of the cases.

Can a student get education loan without parents?

It is to keep in mind that you get an education loan without a financial co-applicant but a primary co-applicant is mandatory for contact purposes only and their financial status will not be checked. Co-applicant should be of your first family i.e parents, parents in law, siblings, and spouse.

How much 2nd loan SSS?

be having at least 36 monthly contributions posted to SSS

  • be updated with regards to the monthly contributions
  • be less than 65 years old upon the loan application
  • have no fraud cases against the SSS
  • have not received final benefits from the SSS
  • How to apply for a SSS Salary loan?

    – Log-in to your SSS online account. – In your dashboard, hover over the “e-services” tab. – It will show you a loan application form. – The website will show you an estimate of the loan and its monthly payment. – Provided you meet the eligibility requirements, your loan will be automatically approved.

    How to check SSS loan status online?

    Go to the official website of SSS loan by clicking on this link www.sss.gov.ph.

  • Type your membership login details and then log in with your credentials.
  • After logging in click on the SSS loan Application section and click on Application Status to check your status.
  • How to enroll in SSS online?

    How To Register With SSS Online as a Member. 1. Go to the official SSS website. 2. Click the registration link in the SSS Member Login page. 3. Fill out the SSS Online Member User ID Registration form. 4. Check your email for the notification from SSS, then click on the activation link.