EPF to Start Online Loan Service

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EPF to Start Online Loan Service

The Employees Provident Fund (EPF) has announced to start the Special Loan Service to help its depositors affected by the lockdown. Issuing a press statement, EPF informed that depositors can borrow money from Sunday (May 24) using its online service. For now, depositors who have updated their know-your-customer (KYC) details are eligible to borrow money from EPF. According to the statement, the minimum and maximum borrowings limits have been set at Rs 20,000 and Rs 1 million, respectively.

EFP said that the money will be deposited directly into the bank accounts of its depositors after their requests are approved. EPF, which ceased its operations after the government announced lockdown on March 24, is also planning to gradually resume other services. (RSS)

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