Monday, 30 March 2020

Here's how to apply for advance from your EPF corpus

Finance Minister Nirmala Sitharaman announced an economic relief package worth Rs 1.70 lakh crore for poor families and small businesses in the country. As a part of which she also announced a one-time non-refundable advance for provident fund subscribers,
who can get up to 75% of their contribution or three months wages, whichever of the two is lower.

How to avail this facility?

The subscribers of EPFO can avail advance through the same process by which all other advances are granted. No separate procedure is prescribed. Members can apply online.

For all benefits/ advances, there is a uniform template. All entitlements for advance are based on PF salary which includes basic and dearness allowance.

EPFO generally processes the loan applications on top priority.

How to apply for an advance from your EPF corpus online?

Follow these simple steps:
  1.  Log in to the EPFO members' portal using your Universal Account Number (UAN) and password
  2.  Go to the 'Online Services' tab mentioned in the main menu of the home page
  3.  Select 'Claim' to generate an online request for an advance
  4. A new page will open showing all your personal details. These personal details will include things like name, father's name, date of birth, mobile number, Aadhaar number, PAN number, bank account detail and your date of joining of your company. If you find all the information is correct, click on 'Proceed For Online Claim'
  5. After clicking on 'Proceed For Online Claim' a new page will open. In the drop-down menu shown against 'I want to apply for', select 'PF ADVANCE (FORM-31).'
  6. You need to fill the purpose for which the advance is required. Click on the drop-down menu where you will be shown all available advance options that you are eligible for. Now in the next field, fill the advance amount and your current address.
  7. After you have filled your details, you have to sign the disclosure by clicking on the left-hand box on the bottom of the box. Once you click on the box, 'Get Aadhaar OTP' tab will be visible on the screen, which needs to be clicked for generating a one time password to authenticate the online advance request. You have to enter the OTP in the box provided below and click on "Validate OTP and Submit Claim Form" to complete the online EPF advance application process.

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