Loans from Provident Fund


Loan for Marriage/Education from Provident Fund

Type of Loan / Advance:
 
·       Under Para 68-k of Scheme.
·       3 times in the entire service.
·       Apply in Form-31.

Purpose:

·       for the marriage of :
o   Self
o   Son, Daughter
o   Brother, Sister
·       for education of :
o   Self
o   Son, Daughter

Eligibility:

·       Should complete at least 7 Years of service.
·       This 68k adv. will be given only 3 times.
·       Maximum Admissible Amount is 50% of Employee share at the time of tendering the application.

Documents Required:

·       Apply in From-31 through Employer.
·       Cost certificate from head of the proposed educational institution.
·       No extra proof for marriage other than the application submitted through employer.
·       If the marriage is over, solemnity certificate should be produced.

Loan for Medical Treatment from Provident Fund

Type of Loan / Advance:

·       Under Para 68-j of Scheme.
·       Many times as per the requirement.
·       Apply in Form-31.

Purpose is for the Medical Treatment of:

·       Self
o   Hospitalisation for 1 month or more.
o   Major surgical operation in a hospital.
o   Suffering from TB, leprosy, paralysis, cancer, mental derangement or heart ailment and having been granted leave by his employer for the treatment of said illness.
·       Family (family (spouse, son, daughter, dependent father, mother)).
o   Major surgical operation in a hospital and 1 month or more hospitalisation for the operation.
o   Suffering from TB, leprosy, paralysis, cancer, mental derangement or heart ailment.

Eligibility:

·       No minimum service required.
·       Certificate from ESI or from Employer where the ESI facility are not available to the member.
·       Doctor [or registered medical practitioner] of the hospital certifies that a surgical operation or hospitalisation for 1 month or more is/was necessary.
·       In case of TB, leprosy ...etc., a specialist doctor should certify.
·       Maximum Admissible Amount is 6 times of Wages. or Full of Employee share (whichever is less).
·        
Documents Required:

·       Certificates & proof as mentioned in the eligibility column.
·       Apply in From-31 through Employer.

Loan for Purchase or Construction of Dwelling House from Provident Fund

Type of Loan / Advance:

·       Under Para 68-B of Scheme.
·       Only Once (either 'construction or purchase of house' or 'repayment of housing loan).
·       Apply in Form-31.

Purpose:

·       For the construction/ purchase of dwelling unit (house/ flat).
·       (Not for plot without house. It is another type of advance)

Eligibility:

·       Should complete 5 Years of service.
·       Only once in service.
·       Property should be in the name of self or spouse or jointly.
·       Should not be a joint property owned by other than spouse.
·       Maximum Admissible Amount is 36 times of Wages.

Documents Required:

·       Declaration in the Performa obtained along with application signed by Member.
·       Apply in From-31 through Employer.

Loan for Repayment of Housing Loan from Provident Fund

Type of Loan / Advance:

·       Under Para 68-BB of Scheme.
·       Only Once (either 'construction or purchase of house' or 'repayment of housing loan).
·       Apply in Form-31.

Purpose:

·       Repayment of Housing Loan (Not for plot without house. It is another type of advance).

Eligibility:

·       Should complete 10 Years of service.
·       Only once in service.
·       Property should be in the name of self or spouse or jointly.
·       Should not be a joint property owned by other than spouse.
·       Maximum Admissible Amount is 36 times of Wages.

Documents required:

·       Declaration in the Performa obtained along with application signed by Member.
·       Apply in From-31 through Employer.

Loan for Purchase of Plot from Provident Fund

Type of Loan / Advance:

·       Under Para 68-B of Scheme.
·       Only Once.
·       Apply in Form-31.

Purpose:

·       For the purchase of site/ plot.

Eligibility:

·       Should complete 5 Years of service.
·       Only once in service.
·       Property should be in the name of self or spouse or jointly.
·       Should not be a joint property owned by other than spouse.
·       Maximum Admissible Amount is 36 times of Wages

Documents Required:

·       Filled-up Declaration (from Employer/Bank) given from EPFO along with the application.
·       Copy of Purchase Agreement.
·       Apply in From-31 through Employer.

Loan for Addition / Alteration / Repair of House from Provident Fund

Type of Loan / Advance:

·       Under Para 68-B-7 of Scheme.
·       Only Once.
·       Apply in Form-31.

Purpose:

·       Addition/alteration of house (same type of advance can be availed for repair of house).

Eligibility:

·       Should complete 5 Years of service (Addition / Alteration of House).
·       Should complete 10 Years of service (Repair of House).
·       Annexure III (construction completion certificate/ utilisation certificate) should be submitted.
·       Only once in service.
·       Property should be in the name of self or spouse or jointly.
·       Property should not be a joint property owned by other than spouse.
·       Maximum Admissible Amount is 12 times of Wages

Documents Required:

·       Certificates & proof.
·       Apply in From-31 through Employer.

Loan in case of Lockout of Establishment

Type of Loan / Advance:

·       Under Para 68-H of Scheme.
·       Many times as per requirement.
·       Apply in Form-31.

Purpose:

·       Lockout or closure of the establishment

Eligibility:

·       No minimum service.
·       Establishment should be closed for more than 15 days.
·       Wages for at least 2 months is not paid.
·       Balance should be there in Employee's share. If closed for more than 6 months, Advance can be allowed from Employer's share also.
·       Maximum Admissible Amount is equivalent to the total of wages multiplied by no. of months closed.

Documents Required:

·       Declaration.
·       Apply in From-31 through Employer.

Loan for taking Withdrawal Prior to Retirement

Type of Loan / Advance:

·       Under Para 68-NN of Scheme.
·       Only once.
·       Apply in Form-31.

Purpose:

·       Withdrawal prior to retirement

Eligibility:

·       No minimum service.
·       At least 54 years of age.
·       Maximum Admissible Amount is 90% of total of both shares

Documents Required:

·       Certificate from the employer showing the date of retirement.
·       Apply in From-31 through Employer.

Other Type of Loans and Advances

68L Advance / Loans in Abnormal Conditions:

Type of Benefits:

·       Grant of advance in abnormal conditions, Natural calamities etc.

Eligibility:

·       Certificate of damage from appropriate authority.
·       State Govt. Declaration.

Eligibility Amount:

·       Rs. 5000/- or 50% of member’s own share of contribution (To apply within 4 months)

Form:

·       No.31

Documentary Support:

·       Certificate from the Appropriate Authority.


68 M Loans or Advance to member affected by cut in Power / Electricity Supply:

Type of Benefits:

·       Grant of advance to members affected by cut in the supply of electricity.

Eligibility:

·       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.

Eligibility Amount:
·       Wages for a month OR Rs.300/-

Form:

·       No.31

Documentary Support:

·       Certificate from State Govt. regarding cut in the supply of electricity.

Please Note:

1.     The amount of advance/withdrawal is not required to be refunded under normal circumstances. If the amount is not utilised, the same should be refunded with penal interest.
2.     A fixed minimum balance in the account will be kept before arriving at the amount of advance admissible subject to the above conditions.
3.     The RPFC/APFC in charge of the office has discretion to fix the quantum of advance.
4.     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.

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