Navigating PF Accounts: Should I Continue, Open a New One, or Withdraw for a Loan?

Dear Seniors,

Greetings of the day! I left a company in 2010. I'm working in a company for 1.5 years, and I don't have any PF account in my present company. I'll join a new company soon. I need money in Dec '12. My question is:

1. Can I continue with my previous PF account in the new company? If yes, then shall I take a loan from my PF account later on? How much amount of loan can one take from a PF account, and what is the eligibility for the same?

or

2. Shall I open a new PF account and later close the previous one?

Which option would be wiser and help save more money?

Please suggest.

With Thanks & Regards,

SM

PF Loan Inquiry

Please tell me about the PF loan because one of my friends wants to take a loan from the EPF department. His total deposited amount is ₹50,000, and he has been a member since 01/04/2007.

Please explain briefly.

Thanks,

AJ

Here is an attachment showing various types of Loans & Advances that can be taken from EPFO.

Well, first of all, you can transfer your previous company's PF account to the new company using Form-13. You can also take loans and advances, but there are certain things you need to know, which I have attached here.

Regards