MANILA, Philippines - More members can now avail of educational loans from the Social Security System (SSS), after the agency increased the cap on the required monthly income for borrowers.
Members of the state-run agency with a basic monthly income of 15,000 or below can now qualify for the educational assistance loan program or Educ-Assist, said Ma. Luz Generoso, Assistant Vice Presidet for Lending and Asset Management.
The previous cap on the required monthly income was pegged at P12,000.
"Members just need to submit an employer’s certification of monthly income or a copy of their latest pay slip or pay envelope as part of the requirements. We expect a fresh batch of applicants for Educ-Assist loans in time for second semester enrollment," Generoso said.
Qualifications include having at least 36 monthly premiums, three of which should be within 12 months prior to the loan application. Moreover, those intending to borrow should have up-to-date SSS loan payments or a maximum of three unpaid amortizations for those with overdue loans.
Generoso said members could avail of a maximum of P15,000 per semester if the loan will be utilized for college courses; and P7,500 for vocational or technical courses.
Borrowings may be used for tuition and miscellaneous expenses of members, their spouse or children, and their siblings if the SSS member is unmarried.