If you are employed, then you will also have a Provident Fund Account (PF Account), which is operated by the Employees Provident Fund Organization i.e. EPFO. PF is a government retirement savings plan, which aims to provide financial security to employees after retirement. The PF account of an employee is a kind of saving scheme, in which the employee deposits 12 percent of his basic salary, and the company also deposits the same amount every month.

Out of the company's contribution, 8.33% is deposited in the Employee Pension Scheme (EPS), and 3.67% is deposited in the Employee's Provident Fund. Interest is also paid annually on this fund and the rate of interest is decided by the government.

Can you also take a loan on PF Balance?

Most people know about EPF, but do you know that you can also take a loan on your PF balance? For any sudden financial need, you can withdraw up to 50 percent of the PF balance. EPFO ​​​​allows the withdrawal of money from this account in some circumstances such as personal emergencies, buying or building a house, medical emergency, or marriage. This facility is called an EPF loan.

This is how you can apply for an EPF loan.

The process of applying online for EPF Advance is quite easy. Follow the steps given below to apply.

Step 1 - First of all, you have to go to the official website of EPFO ​​​​(Unified Member Portal).

Step 2 - Now login by filling in your UAN number, password, and captcha.

Step 3 - After this, click on the option of Online Services > Claim (Form- 31, 19, 10C).

Step 4 - Now fill in all the necessary details like your name, date of birth, and bank account details.

Step 5 - Then go to the dropdown menu and select the reason for taking the loan.

Step 6 - After filling in the amount, apply.

Step 7 - Now finally upload the document and verify it with Aadhaar-based OTP.

After following these steps correctly, EPFO ​​will first verify your application and then transfer the money within 7-10 working days.

Who can apply for PF advance (EPF loan)?

It is necessary to fulfill some important conditions to take an EPF loan.

First of all, the employee should have a valid UAN.

The employee should be an active member of EPFO.

It is necessary to fulfill the criteria set by EPFO ​​for withdrawal.

The amount of loan to be taken should be within the prescribed limit.

The employee should fulfill the condition of the minimum service period.

You can withdraw money from EPF under these circumstances

You can withdraw money for the treatment of parents, spouses, children or yourself.

Money can be withdrawn for the marriage of siblings, children or yourself.

Employees can withdraw up to 50 percent of their PF balance to buy or build a house.

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