Because of the Corona crisis, every person is in trouble nowadays. The biggest problem is the money. If someone suddenly needs money, they do not understand how it will be arranged. There are many problems in taking loan from the bank and its process is also very complicated. Interest has to be paid more. In such a situation, people whose PF is deducted can take a loan from their PF account. It is also cheaper. Learn how to take loan from PF account
1 per cent interest is
charged. In PF loan, the biggest advantage in taking loan from PF account is that it has to pay only 1 per cent interest. There is no other loan so cheap. To take a personal loan or gold loan, many complicated procedures have to be completed and interest is also high.
Depending on the amount in the account,
PF loan can be available only on the basis of the amount in your account. That is, based on the amount in your PF account, you can apply for a loan.
On the basis of need from banks,
PF loan is available on the basis of the amount in the account, while loans from banks or other financial institutions are available on the basis of your income and need, but in this you have to pay more interest and many different procedures. Also have to be completed.
Whether to take a loan from PF is
not easy. For this some procedures and rules have to be followed. To get a loan from PF, it is important to know some of its special rules. The first condition is that your PPF account must be at least 3 years old.
Loan will be available between 3 to 6 years
Another important condition for taking a loan from a PF account is that the loan will be available only between 3 to 6 years. For example, if you have opened your PPF account in December 2017, then you can take loan from 2019 to 2022 only.
Deposit can take 25 per cent of the loan
if you are taking a loan the third year you will find on the deposit amount in two years. Apart from this, you can take only 25 percent of the amount deposited in the account as a loan.
The lowest interest rate
is mostly due to the low interest rate they would like to take this loan. In this, you will have to pay only 1 percent more interest than the interest PF pays on your deposit. Earlier this interest was 2 per cent.