Short for a payment reference number, the PRN is a system-generated number corresponding to your billing statement. This recent change is part of the Real-Time Processing of Loans (RTPL) program of SSS which seeks to enhance and speed up the process of receiving and posting SSS loan payments. Obtain a Payment Reference Number (PRN).Īs mentioned earlier, you can no longer pay your SSS salary loan without a PRN 1. This guide will focus on how employers and individual member-borrowers can pay their loans using the new system.ġ. Starting April 1, 2021, SSS members will be required to secure a payment reference number (PRN) first before they can pay their loans. Meanwhile, members who belong to other categories (i.e., OFWs, voluntary, and self-employed) must pay the loans by themselves.
EZPAYCHECK PARTIAL MONTH PAY HOW TO
How to Pay SSS Salary Loan: A Step-by-Step Guide.Įmployed members can pay their loans through automatic salary deductions. Now use the new outstanding principal balance to compute the interest for your third monthly amortization and so on and so forth until your loan is fully paid. Based on this balance, you can now compute the interest for your second monthly amortization: Using the table below as an example, the interest that will be charged from you for your first monthly amortization can be determined by getting the 10% of the loan proceeds and dividing it by 12.Īfter paying your first monthly amortization, your outstanding principal balance is now only Php 19,243.77. This means that the interest you’ll pay each month will be based on the outstanding principal balance for that particular month until your loan is fully paid. The salary loan is payable in 24 months with an interest rate of 10% per annum based on a diminishing principal balance. The same thing applies to all the succeeding months until your loan is fully paid. If you fail to make a payment within this month, you still have until June 30 to settle the amount due. Using the same example above, the first applicable month or the month when you’re scheduled to pay your first monthly amortization is May. The due date, on the other hand, is on the last day of the month following the applicable month (if the deadline falls on weekends or on a holiday, the payment can be made on the next business day). For example, if your SSS salary loan is approved and released in March (as shown in the image below), the monthly amortization starts 2 months later (i.e., May). The payment starts on the 2nd month following the date of the loan. When does repayment of the SSS salary loan start? The SSS salary loan is payable within 2 years or in 24 monthly installments. The SSS salary loan is payable in how many years? I will be resigning from my current job but I still have an outstanding SSS salary loan. Can I pay my SSS salary loan through GCash? How can I pay SSS salary loan if it’s already past due?
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How much is the penalty for late payment of SSS salary loan? When is the SSS salary loan payment due date?
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EZPAYCHECK PARTIAL MONTH PAY INSTALL
Install the SSS mobile app on your phone.
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