EPF Advance For Marriage: We never know when financial needs will hit us. Employees Provident Fund (EPF) comes to every employee's mind in such a situation. Very few people know that we have the flexibility to withdraw some amount from EPFO account when we face some difficult financial situations.
But the important thing that everyone should note here is that these advances are non-refundable. So EPF members have to apply for EPF advances very carefully according to their needs.
Apply for EPF Advance?
How To Apply For EPF Advance: How To Apply For EPF Advance: Employees have to submit Form 31 to their Employer (Company Owner) for EPF Advance. Then your company or employer will verify your application and submit it to 'EPFO' for approval. If EPFO approves your request, the advance amount will be credited to your bank account.
What are the timings of taking EPF advance?
- Medical Emergency
- Land Purchase
- Home Renovation
EPF advances are given to employees for health treatment, child education, marriage, land purchase, house construction or renovation. In some cases where private employees are fired or quit their jobs, those individuals are eligible to get their EPF advance.
Eligibility and Conditions for EPF Advance?
- If employees want EPF advance for marriage, the person should have completed 7 years as EPFO member.
- EPF advance is given if the employee himself gets married. EPF advance can be taken for marriage of employee's son or daughter. Advance can also be taken for marriage of brother or sister of employee.
- EPF advance cannot be taken more than 3 times for marriage, education.
- Each requirement has its own rules.. you need to know about them in the portal.
How much do you give?
We know that the employee deposits some amount and the employer deposits some amount in the EPF account. In this, including the amount paid by the employee, 50% of the interest earned on it till then can be taken as an advance for marriage.