Amount Required For Education From PF Account. Pl Answer

Dear All,

Please help!

It's regarding the amount withdrawal from PF accumulation for the purpose of education of the daughter of one of the employees working in our company for more than 7 years at the managerial cadre.

I am getting a bit confused on this. I believe, since the PF amount does belong to the employee, he can take out the amount subject to the guidelines/limitations prescribed by EPFO. In respect to the above-mentioned scenario, I think 50% of the total accumulated amount can be obtained. Please correct me if I'm wrong.

But the term "education loan facility" is also used when it comes to naming the benefits that can be availed under the PF act. My question is, can an employee withdraw the amount in this condition, or will he have to apply for a loan based on PF accumulation? In case a loan will be the option, what will be the rate of interest for its payment.

Also, please let me know the formalities that need to be done for availing the amount. So far, I came to know that we need to provide a canceled check with IFSC code and enclose fee particulars for each year from the college/university.

I checked the EPFO site where I came across form-31, which is meant for availing an amount for house construction. Please provide me with the relevant link/form so that I could assist the employee properly.

I would appreciate your timely help.

Dear Moderators and Seniors,

Please answer this query. I did not get any reply on this till now ;-(

Dear Vishal,

You can definitely take the loan for the education of your children. Here are some key points to consider:

- You should have contributed continuously for 7 years to your PF account.
- The maximum amount you can avail is 50% of your contribution, which includes the interest gained over the 7 years.
- The same Form 31 that you mentioned can be used to place the request. Additionally, you may need to submit the details of the education expenses.

Hope this information helps you.

Dear Bhandhavi,

I am still not content. Please try to answer the following queries:

(i) Instead of taking a loan based on PF accumulation, can an employee withdraw 50% of the accumulated amount?

(ii) If it is not possible to withdraw 50% and a loan is the only option, what will be the rate of interest for its repayment?

(iii) Will the enclosed Form-31 suffice for this purpose? If it's not acceptable, please provide me with the relevant form or link.

(iii) After knowing the answers to the above queries, how should I proceed to process the forms for claim disbursement?

(iv) "I declare that the advance is required to meet the expenses in connection with my marriage/marriage of my Son/Daughter/Brother/Sister.

Sh. / Kumari............................................ ............................Aged.................. .............................

(Name)

to be Celebrated on................................................ ...............at................................. ................

(dated) Address

I declare that the above particulars are true to the best of my knowledge and I will abide by the conditions governing the grant of advance under the Scheme. Certificates/documents in support of my application are enclosed."

This content is available in the enclosed file, intended for meeting expenses for matrimonial purposes. If the same form is to be used for the above-mentioned situation, what should I do at this point?

Please help with this as well.

Thanking you in anticipation.

Dear Bhandavi,

You cannot imagine how happy I am now. You really have made my day today :-)

The shared link seems very relevant for this purpose. I will go through the same now. In case I come across any doubt concerning the clause of form-31, I will share the same to get your valuable response on it.

Thank you so much indeed.

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