Can I Get a Loan from My EPF? Understanding Eligibility, Terms, and Procedures

Sir,

A) Can I have a loan from EPF on a non-pay basis? What is the procedure?

B) How many times can I have a loan from EPF (after completing 7 years under the same PF A/C), and what is the duration for that?

C) Can I have a loan from EPF if I want to repay the amount in installments? How much amount? What is the interest rate?

Kindly reply to me urgently.

Regards,
Gopi

Dear,

You can take an advance from the PF account after completion of five years of service. It is provided for specific reasons like self-marriage, daughter's marriage, house purchase, or construction of a house, etc. This advance is not required to be repaid.

Regards,
J.S. Malik

QUOTE=Gopinath Barman; 792301
Sir,

A) Can I have a loan from EPF on a non-pay basis? What is the procedure?

B) How many times can I have the loan from EPF (after 7 years of completion under the same PF A/C), and what is the duration for that?

C) Can I have a loan from EPF if I want to repay the amount in installments? How much amount? What is the interest rate?

Kindly reply to me urgently.

Regards,
Gopi

Dear friend,

First of all, verify what kind of loan you want. PF loan details are as follows:

Para: 68B - Loan for Purchase of dwelling house/flat -
The member has to complete 5 years of membership in the fund.

Para: 68BB - Withdrawal from the fund for the repayment of loans in special cases.
The member has to complete 10 years of membership in the fund.

Para: 68K - Advance from the fund for Marriage (Own, daughter or son, sister or brother) or for post matriculation education.
The member has to complete 7 years of membership in the fund.

Refer to the PF Act book for further details.

Regards,
Alphonse
9443625359