The Social Security System said Nov. 12 that Rizal Commercial Banking Corporation (RCBC) now offers the micro loan program, or SSS LoanLite, through DiskarTech app to qualified MySSS cardholders, expanding access to short-term credit for members.
SSS president and chief executive officer Victor Alfonso Limlingan Jr. said that qualified members may apply for loans, ranging from P1,000 to P20,000, depending on the average of their 12 latest monthly salary credits (MSCs).
Available repayment periods are 60 or 90 days for RCBC clients, with an interest rate of eight percent per annum, equivalent to approximately 0.67 percent per month.
To qualify for SSS LoanLite, eligible RCBC MySSS cardholders must be at least 18 years old at the time of application and below 65 years old at the end of the loan term; have at least 12 posted monthly contributions; have no past-due short-term member loan, like salary, calamity, or emergency loan;
Have no pending or settled final benefit claim, such as retirement or permanent total disability, unless previously cancelled due to re-employment, resumption of self-employment, or recovery; have no active restructured loan or, if fully paid, the required restrictive period must have lapsed; have his/her account enrolled in the RCBC DiskarTech app; have no active SSS micro loan and have fully paid any prior microloan refinanced by a PFI; and have no record of fraud against SSS.
The MySSS cardholder should also have no past due RCBC loan to qualify for the LoanLite.
Limlingan said that while 12 contributions are enough to be eligible for the SSS LoanLite, members with at least 36 total contributions—including at least six posted within the 12 months immediately before applying—qualify for higher loan amounts up to the P20,000 ceiling.
He said members with at least 12 monthly contributions can borrow a loanable amount equal to 11 percent of their average MSCs in the last 12 months.
Members with at least 36 total contributions, including at least six posted monthly contributions within the 12-month period immediately preceding the application, may qualify for the maximum loan amount of up to P20,000, depending on their average MSC.
Also, members with existing short-term member loans, like salary, calamity, or emergency loans, may still apply, provided that those loans are not past due and they have no active SSS micro loan. ||
