Moldality For Taking Loan From PF - CiteHR
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Dear all, Kindly let me know what is the modality for taking the Loan from PF ? Warm Regad’s, Parama.S
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Advance from PF is related to length of service and amount standing to the credit of the fund. A minimum service of 5 years is required for taking advance for construction of house. Similarly, a minimum 7 years membership is required for taking advance for marriage. There are other purposes for which loan is granted; in fact some of them are paid without reference to membership. For example, if an employee is not paid salary for the last two months, he can take advance. Advance is also granted for loss of or reduction in salary caused due to power cut introduced by the government. Advance is admissible for medical treatment under a certificate from the ESI Corporation that the said employee is not covered by ESI. For all these advances, application in the prescribed form along with relevant documents, say plan approval and estimate for house construction, duly attested by the employer should be sent to the EPFO. For details please contact the Enforcement Officer.
Dear Madhu Sir,
Is there any minimum service required for taking loan on medical ground/ Loss of reduction in salary/ if an employee not paid salary for the last 2 months ?
Warm Regad's,
Advance on medical ground is paid only where hospitalisation is required for more than one month and it is subject to certification by the Employer that ESI is not available and is not paid for minor hospitalisation. In all these cases, length of service/ minimum service is not required but under each situation the maximum amount of advance is restricted as provided in the Scheme. For hospitalisation it may be 6 months salary or the amount standing to the credit of PF and for loss of salary due to power cut intoduced by the government it may be limited to member's own share only and so on. Therefore, the higher the service the higher will be the amount of advance admissible.
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