Hey Anand. Let me help you out with how to get loan against PPF in SBI online. The applicant needs to fill out the relevant application form and submit it to the bank. But do remember that he or she can avail a maximum of 25% of the account balance that is available at the end of the second year as a loan against the PPF account. You can read the entire application process next.
How to Get Loan Against PPF in SBI?
To get a loan against the PPF in SBI, the applicant needs to:
Visit the
SBI portal and Download Form D
Go to the bank with the filled form and submit it with the relevant documents
Next, your request will be verified and processed if everything is as per rule
So this is the process. I am not very sure about the online process; hence, I am not sharing that but you can visit the SBI portal and check whether such a loan-availability option is available there or not.
Some important aspects you must be aware of are:
The PPF account of the applicant is eligible for a loan only after the completion of 3 years but not more than 6 years
The applicant can avail a maximum of 25% of the account balance as loan at the end of the 2nd year
The applicant can avail of multiple loans against the PPF account as per the rules of the bank
So this is how you can get loan against PPF and some important features of it.
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I have availed home loan, so last month I paid a visit to my bank to resolve some queries but it was a bit crowded and I had to wait. A man sitting next to me was discussing that he had come to avail loan against PPF SBI and wanted to know what needs to be done. I myself was not quite aware of it so could not help him at that time but when I came home, I tried to find out if it can be done online as well. If you are looking for an answer as well then I will be happy to help you. I have figured out the way to seek loan against PPF.
Get smooth and easy loan sanctioned at a low interest rate by availing NoBroker Home LoansWho is eligible to apply for a loan against PPF account SBI?
To avail such a loan some criterias have to be met that are:
The PPF account of the investor must be 3 years old but not more than 6 years
The person can avail maximum 25% of the account balance available at the end of the year 2nd as a logan against the PPF account
The interest rate on such loan is 15% per annum for loans taken on and after 12th December 2019
How to get loan against PPF account SBI?
Public Provident Fund or PPF allows the subscriber to avail personal loans against the money he has in his account and is very beneficial for people who want to avail short-time loans. People do not have to pledge any asset and I think it somehow reduces the burden to a great extent as well. The best part is the interest rate is also competitive for such loans.
But I think you cannot apply for it online. An application to open a PPF account can be done online but availing a loan against it needs one to visit the bank only. You will need to fill up Form D which you can get online but you will need to submit the form and the PPF account passbook to the bank where your account is held (SBI in your case). Post application verification, you will be notified whether you can avail loan against PPF or not. I hope this clearly answers how to take loan against PPF SBI online and if not what to do.
So just download the form from the SBI website or click on
https://www.onlinesbi.sbi/
This is how the form looks like:FORM - D [See Paragraph 10] APPLICATION FORM FOR LOAN UNDER THE PUBLIC PROVIDENT FUND SCHEME, 1968 To, The Chief / Branch Manager State Bank of India ____________________ ____________________ 1. I wish to take a Loan from my Public Provident Fund Account No _______________________ a sum of ..____________ (Rupees __________________________________________Only), which I undertake to repay with interest within a period of 36 Months as prescribed in paragraph 11 of the Public Provident Fund Scheme 1968. 2. I had taken a loan of __________ (Rupees _________________________________________only) on ___/___/20___ (Date) which has been repaid in full with Interest on ___/___/20___ (Date). 3. *Certified, that the amount sought to be withdrawn is required for the use of ____________________________ who is alive and still a Minor. *(To be given only when withdrawal is sought from a Minor’s PPF Account) 4. The Pass Book is enclosed. Date:……/……/20… Signature / Thumb Impression of (Subscriber / Guardian) FOR OFFICE USE ONLY Date of Initial Subscription : ___/____/20_____ Amount Available in PPF Account : _______________ Amount Available for Loan in accordance with paragraph - 10 of the Scheme : _______________ Amount of Loan Actually Sanctioned : _______________ Date: ……/……/20….. Branch / Service Manger Received a sum of ……………/- (Rupees……………………………………………………………..) by way of Loan from Public Provident Fund Account No………………………………… Signature / Thumb Impression of Date :……/……/20..… (Subscriber / Guardian)
This should be enough to let you know how to take a loan against PPF SBI.
Read More: Is PPF interest rate fixed? What is PPF minimum contribution? How many PPF account can be opened?Your Feedback Matters! How was this Answer?
Authors Of The Question
How To Get Loan Against PPF In SBI Online?
Anand
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2 Answers
2 Year
2022-09-12T08:59:30+00:00 2022-09-12T08:59:31+00:00Comment
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