Fri. Apr 19th, 2024

365Telugu.com Online News, February 18, 2024: Marriage also has to bear the burden of many expenses. In such a situation if you want to take a loan for yourself or your family members, the government gives you the option to take a loan on PF. What does that mean?

-A person having a PF account can take money from the account in the form of a loan.

To get a loan you need to submit Form 31 along with other required documents.

You can withdraw up to 50 percent of the total amount from EPF.

If the wedding is happening at your home and you are worried about the expenses, you have an option that can help you get some help with your expenses. PF Loan.. Any employee can easily take a loan against his PF. There are some rules for this. You should remember these.

A PF account holder can take money from the account in the form of a loan. Let’s know how you can take a loan to withdraw a good amount at the time of your retirement by contributing to the EPF scheme.

How to take loan..?

Withdrawal from EPF account is better option than loan. Loans can be taken easily, despite certain conditions. To get a loan you need to submit Form 31 along with other required documents. For this, you can complete the loan taking process by filling this form on the EPFO portal. For this, employees have to use their UAN login on the portal.

EPF Rules..

EPFO has implemented certain rules for borrowing. So that people cannot take advantage of partial withdrawal or repeated advances.

The main purpose of implementing these rules is to help people save money for their retirement. If you want to take advance amount for marriage, you have to fulfill the conditions given below.

You can withdraw up to 50 percent of the total amount from EPF.

You can borrow money for the marriage of your children, siblings.

An EPFO member should have completed at least 7 years of service.