For private-sector employees, EPF is commonly referred to as the Retirement Fund. However, for some special needs, you can also take pf withdrawal Advance or Loan from it. In this article, we will know when to take Advance from EPF India? Under what kind of condition, how much advance can we get? What is the Application Form for pf withdrawal Advance? Along with this, other useful terms and conditions are also given.
EPF withdrawal Loan or Advance: Any loan is actually in those situations when it has to be repaid. You also have to pay interest. However, the money withdrawn from EPF does not have to be returned. Rather, it gets cut off from your EPF Balance. Therefore, it is called EPF Advance, not EPF loan.Now We will know in Detail about pf withdrawal online Advance one by one in these Situations.
When can I pf withdrawal advance from PF Balance?You can get advance from your EPF account in the following Seven situations- Read Carefully
- For Children's Higher Education (Post Matriculation)
- For Own, Son / Daughter or Brother / Sister Wedding
- To Treat Someone in the Family with a Serious illness(Medical Treatment)
- To Buy or Build land for House / Flat / Other(A)For improvement or repair of house/flat(B) To pay installments of homeland
- For Purchase of equipment in case of Physical Disability
- For House Expenses in case of Company Closure or Lockout
- In the case of Natural Calamity, for Necessary Expenses
1. PF Balance Advance Withdrawal for Higher Education
- You can also take Advance from EPF for your own or your children's higher education (above matriculation). You can get Advance up to 50 percent of your contribution to EPF.
- For the application of such Advance, at least 7 years of a job must be completed.
- You can get such Advance at most 3 times in your lifetime.
- Withdrawal Limit: 50 % of the total deposits with the employee's share in EPF.
- How many years of service must be completed: 7 Years
2. PF Advance Withdrawal for marriage
- You can take Advance from EPF Account for your own, your son/daughter's, your sister/brother's wedding.
- In EPF, up to 50 percent of your (Employee's) contribution can be found in such PF Balance Advance. Keep in mind, the employer's contribution cannot be included in this.
- For such PF Balance Advance, it is necessary that you have worked for at least 7 years.
- You can remove the advance for this purpose at most 3 times.
- Withdrawal Limit: 50 % of the total Deposits with the employee's Share in EPF Balance.
- How many years of service must be completed: 7 Years
3. PF Balance Advance for Medical Treatment
- You can also take Advance from EPF for the treatment of yourself, your wife or husband, children, and parents. This facility is found in some serious diseases like leprosy, paralysis, cancer, heart disease, Other, etc.
- For this, you can get Advance equal to 6 times of your Employee Salary (Basic + DA), or your total contribution (Employee Contribution only), whichever is less.
- There is no restriction on the service period for the application. Such PF Balance Advance can be taken any number of times.
4. PF Balance Advance To Buy / Build a House
- You can take Advance up to 36 times of your salary (Basic + DA) to buy or build a house.
- At least 5 years' job must be completed. You can take such an advance only once.
- The property should be either in your name or in joint name with wife or husband. No other person should share in that property.
PF Balance Advance To Buy Land for Home
- You can take Advance up to 24 times your salary (Basic + DA) to buy a plot for home.
- For this, it is necessary to have a job of 5 years. You can also get this advice only once.
- No person other than the wife or husband should be a co-owner in that property.
- It is also mandatory to provide a self-declaration with the application.
PF Balance Advance For home improvement or Repair
- For this, you can get Advance up to 12 times of your salary.
- For any change in the house, one can apply at least 5 years. However, Advance for Repairing can be found at least 10 years after the house is built.
- Ownership of the house is with you or spouse jointly
- One can apply for such an advance only once.
PF Balance Advance For Repaying Home Loan
- If you have taken a home loan to build or buy a house, then you can also take Advance from EPF Balance to pay for it.
- pf Withdraw up to 90 percent of your PF balance, such as pf Advance
- Must have completed at least 3 years of work
- That property should be in your name or joint ownership with your wife/husband.
5. PF Balance Advance For Lockout or company closure
- You can take advance from EPF Balance even if you have not been paid for 2 months due to lockout (at least 15 days) or other reason
- An advance equal to the amount of salary you are holding, you can get from EPF.
- If the company has been closed for more than 6 months, the employer can also withdraw contributions from the share of the employer.
6. PF Balance Advance For In case of Natural Disaster
- Advance can also be taken from EPF Balance in case of natural calamities like earthquakes, floods, storms, landslides.
- In such a situation, up to 50% of own (employee's) contribution to EPF Account can be availed.
- There is no obligation of the service period. There is also no need for any other document or proof.
7. Can remove up to 90% in the last years of the job
- Apart from the reasons mentioned above, there are two other reasons for which you can withdraw up to 90 % of your EPF Balance deposit.
- With only one year remaining in retirement: On completion of 54 years of age of the employee
- For investment in Senior Pension Insurance (through LIC): On completion of 55 years of age.
Keep these things in Mind When you Withdraw pf Balance.
- One application form for each type of advance: The government has issued a new Composite Claim Form for all kind of work related to EPF. But, for this, your Aadhaar number, bank account number, PAN number must be in the PF records.
- There is no charge for the application: There is no charge for the application form for Advance PF or Partial EPF withdrawal. There is no charge in any further process.
- PF advance can be returned even if there is no expenditure: Whereas, if you are not able to spend the entire PF Advance and can also deposit it back in your EPF Account. You can do this through your employer within one month of the issue of Advance.
Step 1: go to https://unifiedportal-mem.epfindia.gov.in/memberinterface/ official Website
Step2: Enter UAN Number And Password.
Step3: UAN Portal go on "Online Services" Menu >> And Select "Claim"
Step4: Enter Your Last Four Digit Bank Account Number.
Step5: and Last Select "Advance pf" Option and Generate Your OTP for Register Mobile Number
Yes, you can also apply online for Advance from EPF account. It is facilitated on the EPF Portal. However, the following conditions must be met for the online application
- Your UAN number should be activated and the mobile number linked to it should also be operational.
- Aadhaar, PAN number, and bank account should also be linked to your UAN number.
If you fulfill these conditions, then for your PF Advance, there will also be no need for attestation from the previous employer. You can apply for direct PF Advance or Partial withdrawal.
How many times when you can process withdraw advance pf?
Time Taken pf Settlement within a week on the online application. On applying online for any EPF related work, it is settled within 7 days. If there is any problem in the process, his SMS also comes. But if there is a delay in getting PF money, you can also check the claim status online.