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About PPF Loan
Some of the key features of the PPF loan are as below:
PPF accounts allow the investors to take personal loans against the available balance in the account at a competitive interest rate. This is beneficial for individuals who want to apply for short-term loans without pledging any asset as collateral.
PPF account rules allow an individual to take a loan from the account from the third financial year till the end of the sixth financial year. Earlier, the interest charged on the loan taken from the PPF account was 2%. Now the interest rate chargeable on the loan has been revised to 1%.
A loan against PPF account can be advantageous in many ways. Here are some of the key benefits of the same:
Public Provident Fund (PPF) is a preferred investment option since it is backed by the Government of India and comes with an attractive interest rate and guaranteed returns. The interest earned on the PPF account is set for every quarter and is paid by the government. The applicable interest rate on PPF for the first quarter of the year, 2021-22 i.e. from 1st April 2021 to 30th June 2021has been fixed at 7.1% per annum
The government replaced the existing PPF Scheme 1968 with PPF Scheme 2019 highlighting 5 changes as compared to the scheme existing till now. These changes are:
1. Can I avail of Loan facility on my Public Provident Fund (PPF) investment?
Customers can avail of the loan facility between a third financial year to sixth financial year ie. from a third financial year up to end of the fifth financial year.
2. When can I take a loan against PPF account?
Account-holders are eligible to take a loan against PPF account between the third and sixth financial year of opening the account. After this, the individuals can only partially withdraw the amount from their PPF account.
3. What is the tenure of a loan against PPF?
The account holder must repay the loan amount within 36 months of borrowing, post which the rate of interest on the borrowed amount will rise from 2% to 6%.
4. What will be the interest charged on the loan?
The interest charged on the loan against the Public Provident Fund account is 2% more than the interest earned on the balance in the PPF account.
5. Can I withdraw my PPF before maturity?
The amount in PPF account can be withdrawn only at the time of maturity. However, earlier the PPF amount was locked for 15 years. But, now the balance of PPF account can be withdrawn on completion of 5-years.
Launched in 1968, the Public Provident Fund investment scheme allows individuals to make small savings while providing returns on those savings. The PPF scheme offers attractive returns and exempts investors from tax payments on the returns generated. The loan facility against PPF account is also attractive considering the competitive interest rate offered.
Allahabad Bank PPF Account
Andhra Bank PPF Account
Axis Bank PPF Account
Bank Of Baroda PPF Account
Bank Of India PPF Account
Bank Of Maharashtra PPF Account
Canara Bank PPF Account
Central Bank Of India PPF Account
Deposit Limit Of PPF
How To Change Nominee Name In PPF
ICICI Bank PPF Account
IDBI Bank PPF
Indian Overseas Bank PPF Account
Investment On PPF
PPF Account Balance
PPF Account For NRI
PPF Account Opening Banks
PPF Account Opening Form
PPF Account Transfer
PPF Age Limit
PPF Closure Form
PPF Death Claim Form
PPF Interest Rate
PPF Lock In Period
PPF Premature Withdrawal
PPF Withdrawal Rules
Punjab And Sind Bank PPF Account
SBI PPF Account
UCO Bank PPF Account
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