EPF is considered to be one of the safest investment products by salaried individuals and every month they make a contribution of fixed percentage of their salary towards EPF. Although it is considered one of the retirement options, many a times due to unforeseen circumstances the need of money might arise. But not many of us are aware that withdrawing fund from EPF account can also be a solution to meet your financial requirement at the time of need.

Employee provident fund organization allows premature withdrawal and also provides loan facility to its subscribers. However there are certain terms and conditions under which you can opt for the advance. So here we will discuss the details of EPF loan for marriage/wedding.

For whose marriage can EPF subscribers avail loan facility:

Partial withdrawal can be made for own’s marriage or his/her son or daughter, brother or sister. You can now gift Pradhan Mantri Suraksha Bima (PMSBY) and Jeevan Jyoti Bima Yojana (PMJJBY) through gift cheque under Jeevan Suraksha Bandhan Yojana.

Who is eligible to take EPF Loan:

The eligibility criteria for availing advance are that the person should have completed seven years of service. However it is not required that the employment should be in the same company. And loan advance can be taken three times in the entire service.

Documents required:

Application Form No. 31 through the employer along with photocopy of the marriage invitation card. If the marriage is over then you will have to produce solomnity certificate. You can download Form No. 31 here.

Form No. 31 Details:

The EPF Loan Advance form for marriage is very simple to understand and here are the details you need to fill:

1. Purpose
2. Advance amount required
3. Personal Details: Full Name, Name and office address where you are currently employed
4. PF account number
5. Monthly basic wage and Dearance Allowance (D.A.): Basic + D.A. = Total
6. Full postal address of the member to which the payment to be sent
7. Mode of payment: Three options are available – Payee cheque through the employer, direct deposit in the bank account (you need to provide full details – bank name, address, account number) and money order.
8. Details of the person for whom you are taking advance for marriage: Name, age, date of marriage, address.
9. Finally you need to mention date of application, place and either sign the form or put left/right thumb impression.

Loan advance amount permissible or that can be withdrawn:

Maximum amount is 50% of employee’s share at the time of tendering application.

Where to submit the application form:

Once form is filled and all required documents are ready, you need to send it through post or courier to the PRO wing of the regional office. Before sending you also need to sign and get the form attested by your employer.

But what if the employer is not available at that time? In such a scenario, EPFO permits signature and attestation of any one of the following:

• Public sector unit bank
• Magistrate
• Notary officer
• Post master
• Any gazetted officer

But remember that making a partial withdrawal from EPF, you would end up compromising on your retirement corpus. Read tips on what to plan for retirement.