Can I apply for an SSS salary loan if I already have an existing calamity loan?
Yes, you can still apply for an SSS salary loan even if you have an existing calamity loan. The calamity loan is a separate type of loan that is specifically provided during times of disasters or calamities. The SSS salary loan, on the other hand, is a regular loan that can be availed by SSS members for various purposes. However, it is important to note that there are certain eligibility requirements and loan limits that you need to meet for both types of loans.
How long is the repayment term for the SSS salary loan?
The repayment term for the SSS salary loan is 24 months or 2 years. This means that you have to repay the loan within 24 equal monthly installments. The monthly loan amortization will be automatically deducted from your monthly salary or income if you are self-employed or an OFW. It is important to ensure that you have a sufficient balance in your salary or income to cover the loan amortization.
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