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Personal loan vs EPF advance: What should I choose?

In a time of monetary crisis, all you seek is quick financial support. Given the uncertainty of employment during the pandemic, the need for funds has grown more critical. However, both financial institutions and the government have come up with initiatives and alternatives to help you in such instances. Today, we will look at EPF vs. personal loan, and which one is better in a particular situation. <br>

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Personal loan vs EPF advance: What should I choose?

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  1. Personal loan vs EPF advance: What should I choose?

  2. What does an EPF advance mean? It is the amount of money you can take out of your EPFO account.

  3. EPF advance withdrawal rules • To withdraw funds for land acquisition, you must have worked for at least 60 months. • A minimum service period of 84 months is necessary if EPF withdrawal is for marriage or education purposes. • You must be over 54 years old if you want to withdraw funds before retirement.

  4. EPF withdrawal process • You can initiate a withdrawal process through the UAN portal. • You can also request a withdrawal in offline mode.

  5. What does a personal loan mean? • It's an unsecured loan. • The funds can be utilised for any valid reason.

  6. Qualifications for a personal loan • You must fall within the age group of 21 and 58 years. • A minimum monthly income of Rs. 15,000 is necessary.

  7. Highlights of a personal loan • You can apply for the maximum amount of Rs. 5 lakhs. • You get flexible repayment terms of up to 60 months. • Foreclosure is allowed after the first 12 months of the loan term.

  8. Application process • You can apply either online or offline.

  9. Personal loan vs EPF: What to choose? • EPF withdrawal impacts your retirement savings. • A personal loan allows you to manage your finances effectively.

  10. Personal loans are much better than EPF advances.

  11. Thank You Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : EPF Advance vs. Personal Loan: Which is Better?

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