The Social Security System (SSS) announced that Rizal Commercial Banking Corporation (RCBC) now offers the SSS Micro Loan Program, known as SSS LoanLite, to qualified MySSS cardholders through the RCBC DiskarTech app.
RCBC is the second Participating Financial Institution to offer the program, according to the SSS announcement dated November 12. The loans are available only to SSS members who are enrolled in DiskarTech and meet the program’s requirements.
Loan amounts and terms
Borrowers can take out between ₱1,000 and ₱20,000, depending on the average of their 12 latest Monthly Salary Credits (MSCs). RCBC clients can choose a repayment period of 60 or 90 days. Interest is 8 percent per year, or about 0.67 percent per month.
Members with at least 12 monthly contributions can borrow 11 percent of their average MSC over the last 12 months. For example, a member with an average MSC of ₱20,000 and only 12 contributions would qualify for ₱2,200. Members with at least 36 total contributions, including at least six posted in the 12 months before the application, can borrow up to ₱20,000.
Who is eligible
Applicants must be at least 18 years old when they apply and under 65 at the end of the loan term. They must also have at least 12 posted monthly contributions and be enrolled in the RCBC DiskarTech app.
Other requirements include:
- no past-due short-term member loan, whether salary, calamity or emergency;
- no active SSS Micro Loan, and full payment of any earlier microloan refinanced by a participating financial institution;
- no past-due RCBC loan;
- no record of fraud against SSS;
- no pending or settled final benefit claim, unless it was cancelled because of re-employment, resumed self-employment or recovery; and
- no active restructured loan, or full payment of one with the required restrictive period already lapsed.
Members who have existing short-term loans may still apply if those loans are not past due and they have no active SSS Micro Loan.
Repayment and renewal
Repayment is by automatic debit, which is the default collection mode and usually draws from the account where the loan proceeds were credited. Members can renew after fully paying the current microloan.
SSS President and CEO Victor Alfonso A. Limlingan Jr. described SSS LoanLite as a “fast, digital, and convenient financing option” for members’ immediate needs. Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC, said the offering provides “an affordable financing option.”
Members with questions can contact the SSS hotline at 1455 or email [email protected].
