PF Loan Apply Online A part of the salary of every employed person goes into the PF account. The money deposited in the PF account provides you financial security in retirement. But do you know that you can also take a loan through this PF? Let’s know how to apply for a loan from a PF account.
New Delhi: In this era of inflation, one has to take a loan to buy the things of one’s choice. Whether it is to buy a house or a car, everyone takes a loan. We mostly take a loan from a bank or a financial institution. But very few people would know that EPFO (Employees Provident Fund Organization) also offers loan on PF.
Today, 12 percent of the salary of every employed person is deducted as PF. This money is deposited in the PF account. This deposit amount works to give you financial security on retirement.
Before knowing how to take a loan from PF, let us see what is the eligibility for PF loan?
Who can take a loan from PF?
If you want to take a loan from PF, then you have to fulfill the eligibility mentioned below.
The person should have UAN (Universal Account Number).
The borrower should be a member of EPFO.
The person should fulfill the eligibility required to withdraw money.
The money withdrawn should be within the limit.
Can I take a loan from PF?
A big fund is created for your retirement from the money deposited under PF. So that you do not face any problem in retirement life. Therefore, you get the money deposited in the PF account only on retirement. However, this money can be withdrawn under certain circumstances.
Any person can withdraw up to 50 percent of the money from PF if needed. This is what EPFO (Employees Provident Fund Organization) calls EPF loan. You can withdraw money from EPF under certain circumstances.
For example, money can be withdrawn from PF for emergency, buying a house, marriage and child’s higher education.
PF loan Apply Online: How to apply?
If you want to apply for PF loan, then follow the steps given below carefully.
Step 1- First of all you have to go to the official website of EPFO.
Step 2- Login by entering UAN, password and captcha code here.
Step 3- After this you have to select Online Service>Claim (Form-31,19,10c).
Step 4- After this, you have to fill the necessary information like name, date of birth and bank account details.
Step 5- Then select the reason for withdrawing money from the dropdown menu.
Step 6- After this upload the document, then enter the registered mobile number.
Step 7- Then after OTP verification, your application will be submitted.
Step 8- Application review takes 7 to 10 days, after which the money will come into the account.
