Employees Provident Fund To Operate Online Loan Service

May 25, 2020 | Investopaper

The Employees’ Provident Fund is going to operate special loan service through internet. The fund has started providing services to its customers through internet as most of the transactions in the field of banking and financial transactions have been provided through internet after the transmission of Corona virus.

The fund said in a statement on Sunday that it had launched a “special loan service” through the internet in this uncomfortable situation as transportation was disrupted across the country due to the lockdown.

To avail the service, the saver has to go to the fund’s website and fill up the application form. After filling the form, you have to upload the scanned copy and send it to the fund.

The fund has stated that the amount will be deposited in the bank account of the concerned person after receiving the form from the saver. However, in the first phase, only savers who have qualified for ‘Special Loan Service’ and have updated KYC will be able to take it.

Currently, savers will be able to take special loans of Rs 20,000 to Rs 1 million from the online system.


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