If there is a wedding in your house and you are worried about the expenses, then you have an option with the help of which you can get some help with your expenses. We are talking about PF loans. Any employed person can easily take a loan against his PF.
Let us tell you that there are some rules for this, which you have to keep in mind. Here we are going to tell you everything in detail.
A person having a PF account can withdraw money from the account in the form of a loan. Let us tell you that the contribution made in the EPF scheme helps you in withdrawing a good lump sum amount at the time of your retirement. Here we will tell you how you can take out a loan.
How to take a loan
Withdrawal from EPF account is a better option than a loan. Although there are some conditions, the loan can be taken easily.
To avail of the loan you have to submit Form 31 along with other required documents.
For this, you can complete the process of taking the loan by filling out this form on the EPFO portal. For this, employees will have to use their UAN login on the portal.
EPF rules
Let us tell you that EPFO has implemented some rules for taking loans so that individuals cannot avail the benefit of partial withdrawal or advance again and again.
The main purpose of implementing these rules is for individuals to save money for their retirement. If you want to take an advance amount for marriage, then you have to fulfill the conditions given below.
You can withdraw up to 50% of the entire amount from EPF.
You can withdraw money for the marriage of your children and siblings.
EPFO members must have completed at least 7 years of service.
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