SSS Emergency Loan - Frequently Asked Questions

What is an EC emergency loan?

It is a loan granted to workers in the private sector who were separated from employment as a result of the currency crisis.

Who may qualify for an emergency loan?

1. A member who has been separated from employment not earlier than 01 July 1997 due to mass lay-off, or who has been temporarily separated or retrenched following the suspension of his firm's operation due to the currency crisis.
   
   A member who has not been laid off but whose income or wages have been effectively reduced due to job rotation or reduced working hours is also qualified.
   
   
2. He has paid and remitted at least six monthly contributions prior to the semester of separation or temporary lay-off from employment or depletion of income.
   
   
3. He has not yet been granted a refund of contributions, retirement or total permanent disability benefits.
   
   
4. He must be up-to-date in the payment of all member loan obligations, including the following, prior to his separation from employment:
   
   

   	salary loan
   	calamity loan
   	educational loan
   	emergency loan
   	stock investment loan
   	privatization fund loan
   	special educational loan for vocational and technical students
   	special educational loan for Y2K conversion training
   	member assistance for the development of entrepreneurship (MADE), and
   	housing loan granted through the SSS, National Home Mortgage Finance Corporation (NHMFC) and Home Development Mutual Fund (Pag-IBIG).

   
   
   
5. He has no outstanding balance on any previous emergency loan granted by the Employees' Compensation Commission (ECC).
   
   
6. He has not been disqualified by the Social Security Commission (SSC) for having filed a fraudulent loan application with the SSS.
   

How much is the loanable amount?

An emergency loan is equivalent to twice the member-borrower's latest monthly salary credit posted in the SSS master file, but not to exceed P12,500.

How much is the interest charged on an emergency loan?

An emergency loan is charged an interest of six per cent a year, deductible in advance.

What is meant by monthly salary credit?

The monthly salary credit is the basis of the computation of benefits and loans (Please see the schedule of contributions).

In case a loan is not paid, how much is the delinquency interest?

Any balance of the loan not paid on time will be charged an interest of one per cent a month until it is fully paid.