EPF Balance Withdrawal for Marriage Loanby Mecof King Halleluya
The Employees Provident Fund (EPF INDIA) Scheme is a government sponsored savings scheme that allows employees to make monthly savings to their Provident Fund accounts. This savings can then be withdrawn once an employee has reached the retirement age or is unable to get another source of employment.
However, members of the EPF do not have to wait to hit 60 in order to access the funds in their PF accounts since there are numerous benefits that they can enjoy. One of these benefits is the marriage loan which is given EPF members who want to finance their own wedding. This loan can also be used on your children or siblings.
With a marriage loan, you will not have to worry about getting finances to make the wedding memorable. This is because you will cater for every expense using your Provident Fund savings meaning you will avoid the stress that comes when you are running on a low budget. However, you cannot be given a marriage loan in case you decide to quit this fund since this benefit is only available to active members.
For you to enjoy this benefit, you must first meet the set requirements. Below are some of the requirements that need to be met in order to get a marriage loan:
· You must be an EPF member for not less than seven years.
· You can only use this loan when for your own marriage or when financing the marriage of your children, brothers and sisters.
· Must be an active member of EPF
· You can only access 50% of your Provident Account savings
· EPF members who have been given a marriage loan 3 times can no longer access this benefit.
After meeting all the requirements that have been set by the Employees Provident Fund, you will have to submit some documents to EPF offices. These documents include:
❖ A marriage invitation card.
❖ A copy of your Aadhaar Card
❖ Composite claim form 1 set
❖ Duly filled Employees Provident Fund Form 31. This application for has been specifically set aside for any EPF member who may wish to withdraw their savings in advance. You must fill this form using blue ink.
❖ A cancelled cheque leaf from your bank. This cheque leaf should have an IFSC code together with the employee’s name. If you have not printed your name, then you will be required to provide a bank statement.
❖ If you are using a joint PF account (Spouse) then it is mandatory that you provide proof of the relationship before getting the loan.
You should submit these documents to the address below:
IBM India Pvt Ltd,
HR Transformation and Operations,
Manyata Embassy Business Park,
D1, 4th Floor, Outer Ring Road,
Nagawara, Bangalore - 560 045.
After submitting the documents, you will have to wait for the officers to verify everything before finally approving the loan using EPF UAN Login.
Created on Dec 27th 2018 01:05. Viewed 162 times.