1. #1
    Unregistered

    Can I take Loan from PF amount of my company?

    I am working as a senior clerk in one of the Toys manufacturing company. I am in urgent need of money and planning to take loan. I have already taken loan on salary and cleared it. Now I am planning to take loan from the PF account. Can I get that loan? If yes, what is the procedure?

  2. #2
    Ashok Array
    Join Date
    Jul 2012
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    2,293

    Re: Can I take Loan from PF amount of my company?

    Quote Originally Posted by Unregistered View Post
    I am working as a senior clerk in one of the Toys manufacturing company. I am in urgent need of money and planning to take loan. I have already taken loan on salary and cleared it. Now I am planning to take loan from the PF account. Can I get that loan? If yes, what is the procedure?
    Dear Aspirant,

    You can draw a part of deposit money in PF,depending upon the length of service & the pupose.You should complete minimum 5 years of service & maximum 10 years of service in order to get withdrawl of money up to 50% of the deposit or any amount.It depends upon the occasions.The occasions may be marriage,education of own or dependents,treatment of own & or dependents,house reair,purchase of land & construction of building etc.

    Consult the manager HR & PF office for details.Before that you must see your length of service.

    Thanks.

  3. #3
    Labournet Law Consultancy Array
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    Re: Can I take Loan from PF amount of my company?

    Yes you can get loan from your PF account. Only 75 of the amount in Pf account will be given to you as loan. For this you have to submit the prescribed application to the PF commissioner. For getting loan there is a condition that for the last 5 years you should not have taken any loan from the PF account. When an application is filed the commissioner has to process it with in 60 days from the date of application.
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