Finance

Ministry of Statistics and Programme Implementation (MOSPI) reported approximately 31.36 lakh new members to the Employees’ Provident Fund Organisation (EPFO) between the ages of 22 and 25 years between 2017 and 2018.

All salaried individuals having monthly incomes of less than Rs.15,000 are required to have an EPF account, wherein equal contributions are made by both respective employees and employers.

The primary aim of Employees’ Provident Fund is to ensure secure retirement planning of employees in India, which is facilitated through nominal contributions made every month for an extended period. An EPF account remains active till retirement of an individual, and PF account balance check can be done online to track total deposits periodically. As it primarily ensures accumulation of a hefty amount to secure the finances of an employee post-retirement, a strict withdrawal clause is associated with a Provident Fund balance.

Nonetheless, individuals can withdraw Provident Balance from the EPFO website directly by filing a claim online.

EPF withdrawal process – 

Step 1 -Visit the official website portal of EPFO.

Step 2 – Click on ‘Online Services’

Step 3 – Go to ‘Claim (Form 31, 19 and 10C)’ option.

Step 4 – Sign in using your UAN and registered mobile number.

Step 5 – Personal information will be displayed on the screen. Carefully go through the same and select ‘Verify’ after entering the last four digits of your account.

Step 6 – A certificate would be displayed on the screen. Click on ‘Yes’ and sign the form using a digital signature.

Step 7 – Select ‘Proceed for online claim’ in this window.

Step 8 – Click on ‘PF Advance (Form 31)’ and fill in the purpose of withdrawal along with stipulated amount and address of the employee organisation.

Step 9 – Upload scanned copies of all supporting documents, and submit the form.

It is imperative to note that respective employers have to approve of withdrawal of such funds before the same is disbursed (up to the amount displayed in PF account balance check) to an applicant’s linked account. However, this depends on the reason listed as the purpose of withdrawal on the online application form; such transfers are only made subject to fulfilment of certain conditions.

When can provident fund balance be withdrawn?

You can partially or wholly withdraw the balance in provident fund in the following conditions –

1. Entire corpus upon retirement after 60 years, or early retirement after 55 years.
2. 75% of the total balance if an individual is unemployed for one month, and the remaining 25% will be transferred to the new account created after employment.
3. Partial withdrawal (up to the value of expenses) to pay for higher education fees, house purchase/construction, or medical emergency.

As provident funds usually contain a substantial corpus, individuals often look for reinvestment options of the surplus funds. One of the most meaningful ways to use the EPF money is to invest it in a fixed deposit scheme, as it provides assured high returns for a lock-in period suiting every financial need.

Non-banking financial institutions such as Bajaj Finance offer best FD rates of up to 8.10% interest on Fixed Deposits with flexible tenor options, ranging from 12 months to five years. Additional benefits for senior citizens in the form of higher interest rates are also offered on such plans.

Fixed deposits are one the best schemes for saving your money as it maintains provisions for premature withdrawal of the invested amount to meet any unforeseen emergency expenses, along with offering the best FD rates. Such facilities are not available on any government-mandated savings-cum-investment schemes. Also, the popularity of fixed deposit plans has led most NBFCs to offer online application procedure with an instantaneous transfer of funds through debit cards, net banking, cheques or demand drafts.

Thus, any excess fund procured from the withdrawal of Provident Fund balance (which can be viewed directly through PF account balance check) can be deposited in non-market related instruments for substantial returns, increasing the total portfolio value. This ensures adequate availability of funds to meet all retirement expenses of salaried individuals, reducing the dependency ratio in India. High interest rates also act as a hedge against prevailing inflation rates in the country, thereby preserving the real value of funds obtained through EPFs.

Needs of a person are not limited, one can easily fulfill those requirements that require small funds but those which require huge finances become difficult to handle for many of us. Personal loans can be thus taken to sort various personal needs quickly as they extend financial help to all. When your personal requirements are those which require substantial cash assistance then you can easily rely on personal loans. Personal loans for poor credit offer finances as per your requirements and convenience.

Bad credit borrowers can easily entail loans for bad credit for fulfilling various financial needs such as wedding expenses, education, car purchase, home improvement and debt consolidation. By consolidating debts you can easily improve your credit scores as well, by making regular and timely payments.

One can entail personal loans in secured and unsecured forms. Anyone can obtain secured personal loans by pledging their valuable asset security. You can place your property, automobile and valuable documents anything as security. The amount offered ranges from R5000-R75000 depending on the value of collateral. The repayment term is long and flexible and varies from 5-25 years.

If you are unable to provide collateral and have nothing to offer then unsecured personal loans can suit your requirements. You can borrow anything ranging from R1000-R25000. The repayment term is short and varies from 1-10 years. You can borrow an amount that suits your requirement easily depending on your requirements. Unsecured personal loans are available for both people with good and bad credit. If you are suffering from bad credit you may have to extensively search in the internet to find lenders giving low interest loans to such people. A good search will ensure you not only a low interest loan but also some additional benefit.

Good or bad credit holders, all are eligible for instant cash loans. Bad credit such as arrears, late payments, defaults, bankruptcy, IVA and CCJs can easily get approved for these loans. You can borrow anything as per your requirements. These loans provide timely financial help to all. Most of the cases the repayment of these loan are done at the time of you taking the loan by agreeing for a money transfer to the lenders account from your salary on the next pay day. Sometimes the lender takes an advance check from your part. If you are not in a position to pay the loan in one go pay the remaining amount in the next installment. You can also drag the loan into following months by just paying some interest.

Personal loans for bad credit can be applied through conventional way or through online also. Just fill the form and get started immediately. There are several lenders who due of powerful market competition provide competitive deals. By viewing and comparing few loan quotes you will be easily choose the best deal. Loans for bad credit are a simple financial tool that can be taken up to solve financial needs. You can borrow required funds and use them for fulfilling your financial needs.

Personal loans for blacklisted are an easier way to entail loans you can borrow anything suiting your financial requirements.  When you take up online application you may visit the lenders websites to find the loans most suited to you. You can interact with the lenders and negotiate for loan terms. Collect maximum quotes available with the lenders and compare them to find the right loan for you. Bad credit personal loans can be easily taken by anyone. You can easily grab the required funds suiting your repaying ability to fulfill your financial requirements easily.

Prequalifying for a home construction loan is not a very difficult task provided you meet the eligibility requirements for the same. For example, there are certain documents that you have to submit, If you fail to submit those documents, your application for prequalification may get rejected straightaway.

However, in any case, if you are planning to construct a new home or just want to get some major home improvement work done, it is always wise to first get prequalified for a loan. This way, you can get some of the best deals quite easily. Home sellers love to deal with those prospective buyers who are prequalified for a loan; they even offer them more attractive prices as compared to those who are just inquiring for the home price and have yet to qualify for a loan. Likewise, even if it is just a major home improvement project, you can make your planning quite easily when you know how much fund is available to you and you must know which changes you want to do in your house, then it’s good but you if you don’t know then watch house building and interior programs on gears TV and you can get the financial knowledge by watching Finance programs.

Required Documents

While you are completing the paperwork required to prequalify for a home construction loan, you will have to submit certain documents also, such as complete details of your construction project, business, and personal references, social security number, proof of employment, bank statements for at least the last six months, recent credit report, salary slips for at least last three months and others. Though it does not take longer than just a couple of days to process such prequalification applications, things can be much faster if you submit all required documents properly.

Authorization To Pull Your Credit Report

Though you will be asked to submit a copy of your credit report to the lender, it will be better if you also provide authorization to your lender to pull your credit report on their own. This will enhance the authenticity of the details you are sending to them. Though most lenders at this stage do not do a thorough investigation, they often tend to be partial toward those applicants who themselves offer means to verify the information submitted through their applications.

For example, when you provide the details regarding your employment, you are also advised to submit the name, address and contact details of your employer with additional information, such as when they can be contacted for verification of the details submitted by you.

Always remember, even if you are prequalified for a loan, it does not give you any guarantee that the loan will be issued to you. Likewise, it is also very important for you to keep in mind that the actual loan amount that will eventually be issued to you may vary because the amount you are quoted on the approval of a prequalifying for home construction loan is just a rough estimate; lenders do not do a thorough checking of the details you send to them at this stage. When you apply for the actual loan, they take a complete look at those details. They decide about the final amount only after thorough verification of all the records, such as about your employment, salary and your home construction project.