1. #1
    Unregistered

    Can I use the Provident fund account money for higher studies?

    I am planning to opt for higher studies as I have already have 3 years of work experience but the problem is I need some more money to carry on. So can I withdraw the PF account money? Can you please tell me what formalities we have to follow for that? Is it a good decision to take the PF money for studies now? Provide me your valuable suggestions.

  2. #2
    Param Array
    Join Date
    Sep 2012
    Posts
    298

    Re: Can I use the Provident fund account money for higher studies?

    Dear Friend!

    Of course! This scheme allows qualified EPF members to withdraw their savings from the second account to finance either their study or their children's study. The purpose is to finance education fees (which includes tutorials fees, parctical training fees, lab fees, library fees), hostel fees and flight fees and flight tickets only.

  3. #3
    Ashok Array
    Join Date
    Jul 2012
    Posts
    2,293

    Re: Can I use the Provident fund account money for higher studies?

    Quote Originally Posted by Unregistered View Post
    I am planning to opt for higher studies as I have already have 3 years of work experience but the problem is I need some more money to carry on. So can I withdraw the PF account money? Can you please tell me what formalities we have to follow for that? Is it a good decision to take the PF money for studies now? Provide me your valuable suggestions.
    Dear Aspirant,

    You have very good idea.You must get higher study because up to certain age only you can get your higher degree of education.You need not worry for money.Where there is will,there is way.

    As per the rule of PF act,you can draw 50% of your corpus money in PF for your self/children education.You can draw this facility up to 3 times in whole period of service.First withdrawl can be made after 7 years of your service.So now you are not entitle to get the money from your PF account.

    Next option is bank loan.You can get bank loan easily.There is no security up to 4.0 lac for education loan.So contact the bank in your location & discuss your issue.

    Wish for your bright future.

    Thanks.

    Ashok

  4. #4
    Rituja Array
    Join Date
    Nov 2012
    Posts
    702

    Re: Can I use the Provident fund account money for higher studies?

    Hello,

    I can understand your situation.But if you really want to persue higher studies I will suggest you to take Educational Loan from bank rather than withdrawing from PF account.You have chance to get better job if you go for further professional degree.Then it wont be a big issue to repay your loan.So I will suggest you to keep your PF account untouched and instead go for bank loan for further studies.


    Good luck

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