Here’s How You Take an Advance From You EPF Deposits, Online Method to Get Advance PF
The Employees Provident Fund Organization (EPFO) provides the facility of partial withdrawal and advance from the provident fund collection to the EPFO member in select situations. Today, through our article, we will tell you about some such circumstances in which only a certain part of the PF amount can be withdrawn. EPFO members can withdraw PF amount for buying or constructing a house, for loan payment, not getting salary for 2 months, marriage of daughter / son / brother / self, illness of a family member, etc.
Let us tell you how much amount can be withdrawn in case of partial ‘Withdrawal’ or ‘Advance EPF’, today we will also inform you about this. In case of taking advance, EPFO member has to fulfill certain criteria which have been set. For advance or partial withdrawal, one can apply online for ‘PF Withdrawal Form’ by visiting EPFO member portal.
How to submit online PF Withdrawl application
EPFO had started the online facility to simplify the process of withdrawing PF amount and save time. Before applying on the EPFO portal, it is important for you to know that your UAN (Universal Account Number) should be activated or your number should be active to activate the Universal Account Number. Your account should be linked with Aadhaar, PAN card and bank details and IFSC code.
Also read: How to check PF balance and passbook online
Online method of withdrawing PF
1) First of all go to EPFO portal.
2) After this, log in to the account by entering UAN (Universal Account Number), password and captcha code.
3) After this, click on KYC option in the Manage tab and check whether Aadhaar, PAN card and bank details are correct and verified or not.
4) After verifying the KYC details, go to online service and select claim option.
5) The claim screen will display member details, KYC details and service details. Then click on ‘Proceed For Online Claim’ to submit the claim form.
6) In the ‘I Want To Apply For’ section of the claim form, you will see the options of Full EPF Settlement, EPF Part Withdrawal (Loan/Advance) or Pension Withdrawal. Due to service criteria, you may not be eligible to withdraw PF or pension, in such a case you will not see this option.
You can take advance in case of buying or constructing a house
EPFO allows its members to withdraw a maximum of 24 months of basic wages and DA for purchasing land. A maximum of 36 months of basic wages and DA or employee and employer share along with interest or total cost of house/construction, whichever is less, can be withdrawn for house/flat/construction. Only employees who have been EPFO members for 5 years can apply for advance. PF money can be withdrawn only once during the entire period of employment. The employee will not need any other document except the release for the advance.
Also read: This is the way to link Aadhaar number to PF account
for loan payment
In special cases, EPFO allows the member to withdraw up to a maximum of 36 months’ basic wages and D or interest plus employee and employer share or the total outstanding amount of loan and interest, whichever is lower. Only employees who have been EPFO members for 10 years can apply for an advance. For partial withdrawal, the employee will need a certificate from the agency stating the outstanding amount and interest.
Advance will also be available in special case
EPFO members can also apply for advance amount in case of company closure or dismissal or non-payment of salary for 2 months (except during strike). In such a situation, employee share and interest earned on the amount can be withdrawn. To take the advance, the employee will need a certificate issued by the employer. The member can withdraw a maximum of 50 percent of the amount along with interest.
for treatment of illness
The employee can withdraw his entire basic and DA amount for a maximum of six months. The employee can withdraw money for his own illness or that of a family member. No membership period is required for this purpose.
For marriage
EPFO member can withdraw 50% (employee share) of PF amount along with interest for marriage of self/daughter/son/sister etc. Note, only those employees who have been EPFO members for 7 years can apply for PF amount.
For higher education
50% (employee share) amount along with interest can be withdrawn for higher education (for post graduation) of son or daughter. Only the employee who has been an EPFO member for 7 years can apply for PF amount. Certificate related to the course and details of estimated expenditure by the institute will have to be provided.
One year before retirement
After attaining the age of 54 years and one year before retirement, an EPFO member can withdraw 90 per cent of his PF amount as partial withdrawal.
