Dear All,
There is an employee who wants a loan against his PF amount for his daughter's higher education. I would like to know:
1. How much percentage of a person's PF amount can be obtained as a loan?
2. How many years of service should the person complete to be eligible for the PF loan?
3. What documents are required to be submitted to obtain this loan?
4. How many working days will it take for the loan to be processed by the PF officials?
Regards, Dinesh.
From India, Ulhasnagar
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2There is an employee who wants a loan against his PF amount for his daughter's higher education. I would like to know:
1. How much percentage of a person's PF amount can be obtained as a loan?
2. How many years of service should the person complete to be eligible for the PF loan?
3. What documents are required to be submitted to obtain this loan?
4. How many working days will it take for the loan to be processed by the PF officials?
Regards, Dinesh.
From India, Ulhasnagar
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Hi. This is Sivaguru. I have attached a file containing the detais. Please go through the same. I hope it will answer your query. All the best. Sivaguru.
From India, Mumbai
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From India, Mumbai
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Dear Dinesh,
First of all, an employee needs to have completed 5 years of service or be a member for 05 years under the EPF to be eligible for the PF loan. The person will receive a maximum of 85% of their EPF contribution, and they need to submit their daughter's education certificate (attested copy) along with a copy of the college selection/admission letter showing the fee structure on the college letterhead.
Thank you.
From India, Gandhidham
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First of all, an employee needs to have completed 5 years of service or be a member for 05 years under the EPF to be eligible for the PF loan. The person will receive a maximum of 85% of their EPF contribution, and they need to submit their daughter's education certificate (attested copy) along with a copy of the college selection/admission letter showing the fee structure on the college letterhead.
Thank you.
From India, Gandhidham
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Types of Benefit Eligibility Eligible Amount Form Documentary Support
The purchase of site for construction of house 5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-) 24 months wages (Basic & DA) No.31 and Decelartion Form, Bank Deails of Seller A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
* The purchase should be in favour of member or member & spouse. OR
Member’s own share of contribution + Company’s share of Contribution with interest thereon
The Construction of House 5 Years of membership of the Fund 36 months wages (Basic+DA) No.31 and Decelartion Form, Bank Deails of Seller Same as above Photocopy of the plan approved by the collectors office or Municipal Corporation or the local Bodies as the case may be.
OR
(Minimum balance in member’s a/c should be Rs. 1000/-) Members own share of contribution + Company’s share of contribution with interest thereon
* The purchase should be in favour of member or member & spouse.
The purchase of dwelling flat 5 Year of membership of the Fund 36 months wages (Basic+DA) No.31 and Decelartion Form, Bank Deails of Seller A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
OR
(Minimum balance in member’s a/c should be Rs. 1000/-) Members own share of contribution + Company’s share of contribution with interest thereon
* The purchase should be in favour of member or member & spouse.
Additions, Alterations or improvements to the dwelling house 5 years from the date of completion of dwelling house 12 months basic or members own share of contribution with thereon. No.31 and Decelartion Form
68 BB : REPAYMENT OF LOAN
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Advance from the fund for repayment of loan 10 years membership of the fund & member should have taken loan from Govt. Body 36 month wages (Basic + DA) No.31 A certificate from the lending authority furnishing the details of loan and outstanding amount if they are ready to accept premature payment. Payment shall be relese to Bank Only
OR
Members own share of Contribution + Company’s share of Contribution with interest thereon.
68 J : ADVANCE FROM FUND FOR ILLNESS
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Advance from the fund for illness viz. hospitalisation for more than a month, major surgical operation or suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment etc. Stay in Hospital at least for a month 6 moths wages (Basic + DA) No.31 A certificate from the Medical Practitioner for hospitalisation or operation. In case serious diseses of the specialist.
68 K : ADVANCE FROM THE FUND FOR MARRIAGE
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Advance from the fund for Marriage of self/son/daughter/ sister/brother etc. 7 years membership of the fund & minimum balance in member’s account should be Rs. 1000/- 50% of member’s own share of contribution No.31 Declaration by the member which is attested by the employer. Certificate from the Institution regarding the course of study and anticipated expenditure
Advance from the fund for education of Son/Daughter
68L : ADVANCE IN ABNORMAL CONDITIONS
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Grant of advance in abnormal conditions, Natural calamities etc. Certificate of damage from appropriate authority. Rs. 5000/- or 50% of member’s own share of contribution (To apply within 4 months) No.31 Certificate from the Appropriate Authority./ Certificate from the State Govt.
l State Govt. declaration.
68 M : ADVANCE TO MEMBER AFFECTED BY CUT IN THE SUPPLY OF ELECTRICITY
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Grant of advance to members affected by cut in the supply of electricity l The advance may be granted only to a member whose total wages for any one month commencing from the month of January 1973 were 3/4th or less than 3/4th of wages for a month l Wages for a month No.31 Certificate from State Govt. regarding cut in the supply of electricity.
OR
l Rs.300/-
68 N : GRANT OF ADVANCE TO MEMBERS WHO ARE PHYSICALLY HANDICAPPED
Types of Benefit Eligibility Eligible Amount Form Documentary Support
To Physically Handicapped member for purchase of an equipment required to minimize the hardship on account of handicap. Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped Basic wages+ DA for six months No.31 Certificate from the Medical practitioner to the effect that the member is physically handicapped..
or own share of contribution with interest or cost of equipment which ever is least.
Note: For calculation/ computing the period of membership U/P 68B, 68BB, 68K, total service exclusive of periods of break under the same employer before the scheme is applied to him, as well as period of membership of the fund is always included.
From India, Vapi
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The purchase of site for construction of house 5 Years of membership of the Fund (Minimum balance in member’s a/c should be Rs. 1000/-) 24 months wages (Basic & DA) No.31 and Decelartion Form, Bank Deails of Seller A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
* The purchase should be in favour of member or member & spouse. OR
Member’s own share of contribution + Company’s share of Contribution with interest thereon
The Construction of House 5 Years of membership of the Fund 36 months wages (Basic+DA) No.31 and Decelartion Form, Bank Deails of Seller Same as above Photocopy of the plan approved by the collectors office or Municipal Corporation or the local Bodies as the case may be.
OR
(Minimum balance in member’s a/c should be Rs. 1000/-) Members own share of contribution + Company’s share of contribution with interest thereon
* The purchase should be in favour of member or member & spouse.
The purchase of dwelling flat 5 Year of membership of the Fund 36 months wages (Basic+DA) No.31 and Decelartion Form, Bank Deails of Seller A declaration from the member that, dwelling site or dwelling house/flat or the house under construction is free from encumberances and the same is under the title of the member or the spouse (notification dated 25.2.2000)
OR
(Minimum balance in member’s a/c should be Rs. 1000/-) Members own share of contribution + Company’s share of contribution with interest thereon
* The purchase should be in favour of member or member & spouse.
Additions, Alterations or improvements to the dwelling house 5 years from the date of completion of dwelling house 12 months basic or members own share of contribution with thereon. No.31 and Decelartion Form
68 BB : REPAYMENT OF LOAN
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Advance from the fund for repayment of loan 10 years membership of the fund & member should have taken loan from Govt. Body 36 month wages (Basic + DA) No.31 A certificate from the lending authority furnishing the details of loan and outstanding amount if they are ready to accept premature payment. Payment shall be relese to Bank Only
OR
Members own share of Contribution + Company’s share of Contribution with interest thereon.
68 J : ADVANCE FROM FUND FOR ILLNESS
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Advance from the fund for illness viz. hospitalisation for more than a month, major surgical operation or suffering from TB, Leprosy, Paralysis, Cancer, Heart ailment etc. Stay in Hospital at least for a month 6 moths wages (Basic + DA) No.31 A certificate from the Medical Practitioner for hospitalisation or operation. In case serious diseses of the specialist.
68 K : ADVANCE FROM THE FUND FOR MARRIAGE
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Advance from the fund for Marriage of self/son/daughter/ sister/brother etc. 7 years membership of the fund & minimum balance in member’s account should be Rs. 1000/- 50% of member’s own share of contribution No.31 Declaration by the member which is attested by the employer. Certificate from the Institution regarding the course of study and anticipated expenditure
Advance from the fund for education of Son/Daughter
68L : ADVANCE IN ABNORMAL CONDITIONS
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Grant of advance in abnormal conditions, Natural calamities etc. Certificate of damage from appropriate authority. Rs. 5000/- or 50% of member’s own share of contribution (To apply within 4 months) No.31 Certificate from the Appropriate Authority./ Certificate from the State Govt.
l State Govt. declaration.
68 M : ADVANCE TO MEMBER AFFECTED BY CUT IN THE SUPPLY OF ELECTRICITY
Types of Benefit Eligibility Eligible Amount Form Documentary Support
Grant of advance to members affected by cut in the supply of electricity l The advance may be granted only to a member whose total wages for any one month commencing from the month of January 1973 were 3/4th or less than 3/4th of wages for a month l Wages for a month No.31 Certificate from State Govt. regarding cut in the supply of electricity.
OR
l Rs.300/-
68 N : GRANT OF ADVANCE TO MEMBERS WHO ARE PHYSICALLY HANDICAPPED
Types of Benefit Eligibility Eligible Amount Form Documentary Support
To Physically Handicapped member for purchase of an equipment required to minimize the hardship on account of handicap. Production of medical certificate from a competent medical practitioner to the effect that he is physically handicapped Basic wages+ DA for six months No.31 Certificate from the Medical practitioner to the effect that the member is physically handicapped..
or own share of contribution with interest or cost of equipment which ever is least.
Note: For calculation/ computing the period of membership U/P 68B, 68BB, 68K, total service exclusive of periods of break under the same employer before the scheme is applied to him, as well as period of membership of the fund is always included.
From India, Vapi
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