samihr Started The Discussion:
Hi,

Please guide with info regarding loan from EPF.

1. Can the employee take loan from PF during his employment?
2. What is the eligibility?
3. How it should be repayed?
4.What are the reasons for which he can avail loan?

Kindly reply.

smile
Posted 15th November 2007 From India, Bangalore
Dear Samihr (I hope this is your name),

Withdrawl from PF account is limited to 50% of your own contribution after completion of 5 years of service.

Other provisions for the same is as follows:

(A) Member is entitled to withdraw full amount:

On attaining the age of 55 years at the time of termination of service.

On retirement on account of permanent and total disablement due to bodily or mental infirmity.

On migration from India for permanent settlement abroad or for taking employment abroad

In case of mass or individual retrenchment

(B) A member can withdraw up to 90% of the amount of Provident Fund at credit after attaining the age of 54 years or within one year before actual retirement on superannuating whichever is later.

Partial Withdrawal/Advances

A member of Provident Fund is allowed non-refundable advance for the following contingencies:

For acquiring dwelling site or house

Advances in special cases such as lockout in factory/establishment for a period more than two months

Where a member has challenged the retrenchment/dismissal by the employer in a court of law

For treatment of illness

For marriages or post matriculation education of the children

Under abnormal conditions such as damage to movable or immovable property by calamity of exceptional nature

Financing of member’s Life Insurance Policy

I hope this solves your query.

Regards,
Nilendra
Posted 15th November 2007
.

THE ANSWER OF YOUR QUERY IS AS FOLLOWS:

1.A MEMBER OF PF CAN TAKE LOAN FROM PF AFTER CONTINUE SERVICE OF 7 YEARS.

2.THE LOAN IS GIVEN FROM ONLY MEMBERS SHARE OF CONTRIBUTION.
THE LOAN TAKEN CAN NOT BE REPAYED BUT,IF THE MEMBER WANTS TO REPAY THE SAME HE HAS TO REPAY THE SAME WITH INTEREST.

3.A MEMBER CAN TAKE LOAN FROM PF DUE TO FOLLOWING REASON:

FOR HIS /HER MARRIAGE.
FOR DAUGHTER MARRIAGE
FOR CONSTRUCTION OF HOUSE OR RENOVATION OF HOUSE
FOR HIGHER STUDIES
DURING LAY OFF OR LOCK OUT OF THE FACTORY
Posted 15th November 2007
Re: PF acc transfer

hi recently i joined to one hotel industry as a HR exe, i hvae a doubt regarding PF acc tranfer form exempted employper i e Taj hotel (TATA Group) they are telling they cant give Form 3A wahta are the further steps i need to take please help me.

Maruthi
Posted 16th August 2010 From India, Bangalore
this material was earlier sharing by our hr cite member.pls go through it hope it is upto your desire.....

Advances from PF Account

The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment etc, subject to the prescribed conditions as mentioned here below. Note that the said advance is totally tax-free and interest-free.

01 Marriage

- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)
- maximum of 3 times in the entire service
- maximum amount is 50% of employee’s share at the time of tendering application.
- the member should apply in Form 31 through employer
- marriage Invitation card should be submitted along with form as proof for marriage through employer.

02 Education

- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)
- maximum of 3 times in the entire service
- maximum amount is 50% of employee share at the time of tendering application
- the member should apply in Form 31 through employer
- Bonafide certificate duly indicating the fees payable from the educational institution.

03 For Medical Treatment

- only for self, spouse, son, daughter, dependent father & mother
- applicable for major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain certificate from ESI or from employer that E.S.I. facility are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- Incase of TB or leprosy etc, a specialist doctor should certify
- Maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof for the said decease has to be submitted along with the application in Form 31 through employer.

04 For Purchase of Site and Construction there on

- Should have completed 5 years of services
- members contribution with interest should not be less than 1,000
- Site should be free from encumbrances
- Site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is least of Basic+DA for 24 months or total contribution & Interest or total cost of site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- members contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is least of Basic+DA for 36 months or total contribution & Interest or total cost of site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of completion of construction of dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Members accumulation with interest or Outstanding Principal plus interest which is sought to be repaid, whichever is less.
regards
mohan
Posted 17th August 2010 From India, Mumbai
Re: Query- EPF Loan

Hi, i need EPF loan for my sister marriage and im in 5 years service 2 years with one organization (EPF amount has claimed) and 3 years with another organization which im working currently.

Am i able to avail loan for my sister marriage?

How long it will take to proceed the loan process?

Pls clarify

Regards
Kumaraguru. R
Posted 7th October 2010 From India, Mumbai
Hai kumaraguru Your not eligible to take PF loan Because u are not continuously worked in company those who are worked continuously 5 years there are eligible to take pf loan
Posted 13th December 2012 From India, Chennai
mafun 
Sir, I got advance from pf amount for site purchasing.. Is i have to pay any interest on this loan or is i have to repay the advance money.. Please help me.. Regards Mafun
Posted 6th April 2013 From India, Madurai
this material was earlier sharing by our hr cite member.pls go through it hope it is upto your desire.....

Advances from PF Account

The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment etc, subject to the prescribed conditions as mentioned here below. Note that the said advance is totally tax-free and interest-free.

01 Marriage

- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)
- maximum of 3 times in the entire service
- maximum amount is 50% of employee’s share at the time of tendering application.
- the member should apply in Form 31 through employer
- marriage Invitation card should be submitted along with form as proof for marriage through employer.

02 Education

- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for consecutive period of 7 years)
- maximum of 3 times in the entire service
- maximum amount is 50% of employee share at the time of tendering application
- the member should apply in Form 31 through employer
- Bonafide certificate duly indicating the fees payable from the educational institution.

03 For Medical Treatment

- only for self, spouse, son, daughter, dependent father & mother
- applicable for major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain certificate from ESI or from employer that E.S.I. facility are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- Incase of TB or leprosy etc, a specialist doctor should certify
- Maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof for the said decease has to be submitted along with the application in Form 31 through employer.

04 For Purchase of Site and Construction there on

- Should have completed 5 years of services
- members contribution with interest should not be less than 1,000
- Site should be free from encumbrances
- Site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is least of Basic+DA for 24 months or total contribution & Interest or total cost of site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- members contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is least of Basic+DA for 36 months or total contribution & Interest or total cost of site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of completion of construction of dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Members accumulation with interest or Outstanding Principal plus interest which is sought to be repaid, whichever is less.
regards
Prabhuloyola
Posted 28th February 2015 From India, Chennai
Hello Everyone, I am Mrs Margret McColister a single mom from dudelange in
Luxemburg, i will like to share this great testimony on how i
got my loan from Loan Company when we were driven out of our home when i
couldn't pay my bills any more,
After been scammed by various companies on line and have been denied a loan
by my bank and some other credit union i
visited. my children were taken by the foster care, i was all alone in the
street. Until a day i shamefully walked into an
old school mate who introduced me to Martha Ingram Loan Firm At first i
told her that i am not ready to take any risk
of requesting a loan on line any more, but she assured me that i will
received my loan from them. On a second thought, due
to my homelessness i took a trial and applied for the loan, luckily for me
i received a loan of $50,000.00 from
(marthaingraminvestments@gmail.com). Am happy i took the risk and applied
for the loan. my kids have been given back to
me and now i own a home and a business of my own. All gratitude goes to
Martha Ingram Loan Company for giving a meaning
to my life when i had lost all hope.
Posted 1st October 2015 From United States, undefined
Dear Partners & Associates,

One of our main businesses is to open Bank Guarantees and Standby Letter of Credit as well as other Financial and Banking Instruments. We issue our Bank Guarantees and Standby Letter of Credit for Lease. we can open Documentary / Deffered / Red Clause Letters of Credit and Guarantees (Bank, Bid or Performance).

For every transaction we need three things

1. Lessor (Applicant) -This is our company or entity that will be applying for the Financial Instrument with the Issuing Bank on behalf of the Beneficiary. The delivery of the Financial / Banking Instrument shall be based on the Applicant's procedures.

2. Lessee (Beneficiary / Client) - This is the company who have requested the Financial Instrument whether for their own use or third party to receiving the BG/SBLC/DLC/Red Clause LC. The Client / Lessee nominates the Beneficiary of the Bank Instrument.

3. Underlying Transaction - This is the transaction that exists between the Lessor (Applicant) and the Lessee (Beneficiary). It is the reason for opening the Stand Letter of Credit or Bank Guarantee or Letter of Credit of any kind. The underlying transaction can be for obtaining loans or funding from Banks or Monetizers as well as for the Purchase and Sale of Goods or Services depending on the type of instrument requested.

Should you have an interest in the Lease of these, kindly inform and we will be glad to share with you our PROCEDURAL TERMS in regards to setting things in motion for an IMPENDING TRANSACTION. Upon the acceptance of your party to work with the Lessor's Terms, we would have Legal Contract in place for the transaction to be set up between the Applicant and the Beneficiary and the delivery of the Bank Instrument will be in accordance with the Verbiage (Text) chosen by the Beneficiary's Bank.

With the Legal Contract set up and the proceedings followed as stipulated in the contract, the eventual transmission of the Instrument via Swift MT199 / MT799 / MT700 / MT760 will be effected within 2 Banking Days after the Contractual Obligations have been completed.

In addendum, we also offer a wide range of products:
- Standby Letters of Credit
- Bank Guarantees
- Deferred / Documentary Letters of Credit
- Red Clause Letters of Credit
- Usance Letters of Credit
- Performance Guarantees
- Demand Guarantees
- POF messages
- Pre Advice Message
- Comfort Letters
- Ready Willing and Able (RWA) messages.

We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively

For further inquiry contact
E-mail:
Skype ID: bgjan.farnholt
Posted 26th July 2016 From United Kingdom



 
 
 
 







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