If there’s a wedding at your home and you’re concerned about the costs, there’s an option that can assist you – a PF loan. Any working person can easily borrow money against their PF.
We want to share that there are some rules for this, and we’ll explain everything in detail.
If you have a PF account, you can take out money from it as a loan. The contributions made in the EPF scheme allow you to withdraw a substantial amount at the time of your retirement. We’ll guide you on how to get a loan.
How to take Loan
1. Taking money out of your EPF account is a better choice than getting a loan, even though there are certain conditions.
2. To get the loan, you need to submit Form 31 along with other necessary documents.
3. You can get the loan by filling out this form on the EPFO portal. Employees need to use their UAN login on the portal for this.
EPF Rules
We want to let you know that EPFO has made some rules for taking a loan. This is to make sure people don’t use partial withdrawal or advance benefits repeatedly.
The main reason for these rules is to help individuals save money for their retirement.
If you wish to get an advance amount for a wedding, you need to meet the conditions mentioned below.
1. You can take out half (50%) of the total money from EPF.
2. You can take money out for your children’s and siblings’ weddings.
3. You must have worked for at least 7 years as an EPFO member.
