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EPF Loan Eligibility Calculator Research Team | Posted On Friday, December 28,2018, 12:01 PM

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EPF Loan Eligibility Calculator



What is EPF (Employees' Provident Fund) Loan?

Employee Provident Fund popularly called EPF is managed by the EPFO. You and all salaried employees contribute to the EPF and your employer makes an equal contribution.

The provident fund account accumulates the contributions made by both the employee and the employer. Its purpose is to provide the employee with a lump sum at the time of retirement from service. The Employees’ Provident Fund Organization (EPFO) allows employees make a partial withdrawal from their PF accounts in return for no payments and the money can be used as a personal loan.

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SEE ALSO: EPFO Will Give You Returns In MF-like Units

EPF Loan Eligibility Calculator

EPF Interest Rate:

The EPFO has reduced the rates of interest on deposits to 8.55% for the financial year 2017-18 following a decline in the rates of interest. The rate of interest for the year 2016 for the Employees’ Provident Fund was 8.65%, which also shows a decline from the previous interest rate of 8.8% in the year 2015.

SEE ALSO: 14 Situations In Which You Can Partially Withdraw EPF Money

EPF Advance Rules:

There are a certain set of rules implemented by the EPFO to avoid premature withdrawal of the provident fund. The EPF Advance rules are implemented to avoid frequent withdrawals by the employee from PF accounts and force them to save money for retirement. Listed below are the EPF Advance rules:

  • Money from the EPF account cannot be withdrawn anytime during employment. The provident fund is a long term saving scheme and the money can be withdrawn on retirement.
  • Any withdrawals made before completion of 5 years of continuous service are subject to taxation. Withdrawals after completion of 5 years of continuous service in the EPF are tax free.
  • Partial withdrawal of the corpus from the PF accounts is permitted in the case of an emergency like medical emergency, house purchase or construction, and higher education. Partial withdrawal is subject to limits depending on the reason. The account holder can make a request online for partial withdrawal.
  • If in case the employee was terminated or is unemployed as a result of ill-health, then the withdrawals made are not liable to taxes.
  • Although the EPF corpus can be withdrawn only after retirement, early retirement is not considered until the person reaches 55 years of age. EPFO allows withdrawal of 90% of the EPF corpus a year before retirement, provided the person is not less than 54 years old.
  • Funds transferred from one’s PF account towards the National Pension Scheme (NPS) will not attract taxes when funds are withdrawn.
  • Employees must submit the Composite Claims Form to make a partial withdrawal or to finally settle the claim.
  • In case the employee changes jobs and has a new PF account, then it will be considered as continuous service as there has been no gap in contributions made so far.
  • As per the old rule, 100% EPF withdrawal is allowed after 2 months of unemployment.
  • Tax is deducted at source on premature withdrawal of the EPF corpus. However, if the entire amount is less than Rs 50,000, then TDS is not applicable. 

SEE ALSO: What Is UAN? Why Learn About It?

EPF Eligibility Criteria:

There are certain eligibility criteria for availing an EPF Loan. The EPF advances can be availed by individuals in case of medical emergency, marriage, purchase of home or plot, unemployment or home loan repayment. However there should be a valid reason behind partially withdrawing money from the EPF account and applying for the EPF Loan. Listed below are some of the eligibility criteria for availing funds from the PF account: 

  • To withdraw funds from the EPF a minimum of 5 years of continuous service is required else the funds withdrawn are subjected to taxation.
  • For medical treatment, calamity and pre-retirement, minimum service limit is not required to withdraw funds.
  • For home or plot purchase, construction of house, addition/alteration of home, minimum five years of service is needed.
  • For marriage and education, minimum seven years of service are required.
  • For home loan repayment and house repair, minimum ten years of service is necessary.

SEE ALSO: EPFO Could Invest More Money In Stocks?

Employees' Provident Fund loan Calculator:

To enable people calculate their PF balance and interest, the EPF loan calculator is available online. You need to enter a few details like your current age, the age you wish to retire, your monthly salary, the total monthly EPF contribution and the interest rate earned on the deposits.

The Employees’ Provident Fund interest is calculated on the basis of the contribution made by the employee along with the employer. After you enter the above details and make a submission, the EPF calculator shows how much money you will be able to save at the time of retirement.

EPF Loan Status:

The employees who have sent a claim in any of the branches of the Employees’ Provident Fund Organization appealing for the EPF loan, withdrawal or advance amount, can check the status of the EPF loan. To raise an enquiry about the status of EPF loan, the applicant must have their PF account number. By providing the PF number one can easily find out the status online.

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