Dear All, There is an employee who wants a loan against his PF amount for his daughter's higher education. I would like to know:
1. How much percentage of a person's PF amount can be obtained as a loan?
2. How many years of service should the person complete to be eligible for the PF loan?
3. What documents are required to be submitted to obtain this loan?
4. How many working days will it take for the loan to be processed by the PF officials?
Regards,
Dinesh.
From India, Ulhasnagar
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21. How much percentage of a person's PF amount can be obtained as a loan?
2. How many years of service should the person complete to be eligible for the PF loan?
3. What documents are required to be submitted to obtain this loan?
4. How many working days will it take for the loan to be processed by the PF officials?
Regards,
Dinesh.
From India, Ulhasnagar
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Hi. This is Sivaguru. I have attached a file containing the detais. Please go through the same. I hope it will answer your query. All the best. Sivaguru.
From India, Mumbai
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From India, Mumbai
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First of all, an employee needs to have completed 5 years of service or be a member for 5 years under the EPF to be eligible for the PF loan. The person will receive a maximum of 85% of their EPF contribution, and they need to submit their daughter's education certificate (attested copy) along with a copy of the college selection/admission letter showing the fee structure on the college letterhead.
Thank you.
From India, Gandhidham
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Thank you.
From India, Gandhidham
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Types of Benefit and Eligibility
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
The purchase of a site for the construction of a house | 5 Years of membership of the Fund (Minimum balance in member's account should be Rs. 1000/-) | 24 months wages (Basic & DA) | No.31 and Declaration Form, Bank Details of Seller | A declaration from the member that the dwelling site or dwelling house/flat or the house under construction is free from encumbrances and the same is under the title of the member or the spouse (notification dated 25.2.2000).
- The purchase should be in favor of the member or member & spouse. OR Member's own share of contribution + Company's share of Contribution with interest thereon.
The Construction of House | 5 Years of membership of the Fund | 36 months wages (Basic+DA) | No.31 and Declaration Form, Bank Details of Seller | Same as above. Photocopy of the plan approved by the collector's office or Municipal Corporation or the local Bodies as the case may be.
- OR (Minimum balance in member's account should be Rs. 1000/-) Member's own share of contribution + Company's share of contribution with interest thereon.
- The purchase should be in favor of the member or member & spouse.
The purchase of a dwelling flat | 5 Years of membership of the Fund | 36 months wages (Basic+DA) | No.31 and Declaration Form, Bank Details of Seller | A declaration from the member that the dwelling site or dwelling house/flat or the house under construction is free from encumbrances and the same is under the title of the member or the spouse (notification dated 25.2.2000).
- OR (Minimum balance in member's account should be Rs. 1000/-) Member's own share of contribution + Company's share of contribution with interest thereon.
- The purchase should be in favor of the member or member & spouse.
Additions, Alterations, or Improvements to the Dwelling House | 5 years from the date of completion of the dwelling house | 12 months basic or member's own share of contribution with interest thereon. | No.31 and Declaration Form
68 BB: Repayment of Loan
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Advance from the fund for repayment of loan | 10 years membership of the fund & member should have taken a loan from Govt. Body | 36 months wages (Basic + DA) | No.31 | A certificate from the lending authority furnishing the details of the loan and outstanding amount if they are ready to accept premature payment. Payment shall be released to Bank Only.
- OR Member's own share of Contribution + Company's share of Contribution with interest thereon.
68 J: Advance from Fund for Illness
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Advance from the fund for illness viz. hospitalization for more than a month, major surgical operation, or suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment, etc. | Stay in Hospital at least for a month | 6 months wages (Basic + DA) | No.31 | A certificate from the Medical Practitioner for hospitalization or operation. In case of serious diseases, from the specialist.
68 K: Advance from the Fund for Marriage
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Advance from the fund for Marriage of self/son/daughter/sister/brother etc. | 7 years membership of the fund & minimum balance in member's account should be Rs. 1000/- | 50% of member's own share of contribution | No.31 | Declaration by the member which is attested by the employer. Certificate from the Institution regarding the course of study and anticipated expenditure.
Advance from the fund for education of Son/Daughter
68 L: Advance in Abnormal Conditions
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Grant of advance in abnormal conditions, Natural calamities, etc. | Certificate of damage from appropriate authority. | Rs. 5000/- or 50% of member's own share of contribution (To apply within 4 months) | No.31 | Certificate from the Appropriate Authority. Certificate from the State Govt.
- State Govt. declaration.
68 M: Advance to Member Affected by Cut in the Supply of Electricity
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Grant of advance to members affected by cut in the supply of electricity | The advance may be granted only to a member whose total wages for any one month commencing from the month of January 1973 were 3/4th or less than 3/4th of wages for a month | Wages for a month | No.31 | Certificate from State Govt. regarding cut in the supply of electricity.
- OR Rs.300/-
68 N: Grant of Advance to Members Who Are Physically Handicapped
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
To Physically Handicapped member for purchase of equipment required to minimize the hardship on account of handicap. | Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped | Basic wages + DA for six months | No.31 | Certificate from the Medical practitioner to the effect that the member is physically handicapped.
- or own share of contribution with interest or cost of equipment whichever is least.
Note: For calculation/computing the period of membership U/P 68B, 68BB, 68K, total service exclusive of periods of break under the same employer before the scheme is applied to him, as well as period of membership of the fund is always included.
From India, Vapi
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Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
The purchase of a site for the construction of a house | 5 Years of membership of the Fund (Minimum balance in member's account should be Rs. 1000/-) | 24 months wages (Basic & DA) | No.31 and Declaration Form, Bank Details of Seller | A declaration from the member that the dwelling site or dwelling house/flat or the house under construction is free from encumbrances and the same is under the title of the member or the spouse (notification dated 25.2.2000).
- The purchase should be in favor of the member or member & spouse. OR Member's own share of contribution + Company's share of Contribution with interest thereon.
The Construction of House | 5 Years of membership of the Fund | 36 months wages (Basic+DA) | No.31 and Declaration Form, Bank Details of Seller | Same as above. Photocopy of the plan approved by the collector's office or Municipal Corporation or the local Bodies as the case may be.
- OR (Minimum balance in member's account should be Rs. 1000/-) Member's own share of contribution + Company's share of contribution with interest thereon.
- The purchase should be in favor of the member or member & spouse.
The purchase of a dwelling flat | 5 Years of membership of the Fund | 36 months wages (Basic+DA) | No.31 and Declaration Form, Bank Details of Seller | A declaration from the member that the dwelling site or dwelling house/flat or the house under construction is free from encumbrances and the same is under the title of the member or the spouse (notification dated 25.2.2000).
- OR (Minimum balance in member's account should be Rs. 1000/-) Member's own share of contribution + Company's share of contribution with interest thereon.
- The purchase should be in favor of the member or member & spouse.
Additions, Alterations, or Improvements to the Dwelling House | 5 years from the date of completion of the dwelling house | 12 months basic or member's own share of contribution with interest thereon. | No.31 and Declaration Form
68 BB: Repayment of Loan
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Advance from the fund for repayment of loan | 10 years membership of the fund & member should have taken a loan from Govt. Body | 36 months wages (Basic + DA) | No.31 | A certificate from the lending authority furnishing the details of the loan and outstanding amount if they are ready to accept premature payment. Payment shall be released to Bank Only.
- OR Member's own share of Contribution + Company's share of Contribution with interest thereon.
68 J: Advance from Fund for Illness
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Advance from the fund for illness viz. hospitalization for more than a month, major surgical operation, or suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment, etc. | Stay in Hospital at least for a month | 6 months wages (Basic + DA) | No.31 | A certificate from the Medical Practitioner for hospitalization or operation. In case of serious diseases, from the specialist.
68 K: Advance from the Fund for Marriage
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Advance from the fund for Marriage of self/son/daughter/sister/brother etc. | 7 years membership of the fund & minimum balance in member's account should be Rs. 1000/- | 50% of member's own share of contribution | No.31 | Declaration by the member which is attested by the employer. Certificate from the Institution regarding the course of study and anticipated expenditure.
Advance from the fund for education of Son/Daughter
68 L: Advance in Abnormal Conditions
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Grant of advance in abnormal conditions, Natural calamities, etc. | Certificate of damage from appropriate authority. | Rs. 5000/- or 50% of member's own share of contribution (To apply within 4 months) | No.31 | Certificate from the Appropriate Authority. Certificate from the State Govt.
- State Govt. declaration.
68 M: Advance to Member Affected by Cut in the Supply of Electricity
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
Grant of advance to members affected by cut in the supply of electricity | The advance may be granted only to a member whose total wages for any one month commencing from the month of January 1973 were 3/4th or less than 3/4th of wages for a month | Wages for a month | No.31 | Certificate from State Govt. regarding cut in the supply of electricity.
- OR Rs.300/-
68 N: Grant of Advance to Members Who Are Physically Handicapped
Types of Benefit | Eligibility | Eligible Amount | Form | Documentary Support
To Physically Handicapped member for purchase of equipment required to minimize the hardship on account of handicap. | Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped | Basic wages + DA for six months | No.31 | Certificate from the Medical practitioner to the effect that the member is physically handicapped.
- or own share of contribution with interest or cost of equipment whichever is least.
Note: For calculation/computing the period of membership U/P 68B, 68BB, 68K, total service exclusive of periods of break under the same employer before the scheme is applied to him, as well as period of membership of the fund is always included.
From India, Vapi
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Provident Fund - Excluded Employee - Definition.pdf