Welcome to Investmentkit.com Q&A, where you can ask questions related to investments & savings and receive answers from experts & other members of the community.

1,148 questions

1,143 answers

3,510 users

Can I avail loan against my PPF account

0 like 0 dislike
I have 50000 in my ppf account. I am in the need of money urgently for a temporary period. Can I avail a loan on repayment basis against this as security from the same bank and branch in which my ppf account is maintained.
asked Oct 26, 2010 in PPF by anonymous  
    

 
 

 

1 Answer

2 like 0 dislike
 
Best answer
yes, you can take loan from post office or bank branch where you've opened your account. The first loan can be taken in the third financial year from the date of opening of the account, or upto 25% of the amount at credit at the end of the first financial year. The facility can be availed of any before expiry of 5 years from the end of the year in which the initial subscription was made. The loan is repayable either in lumpsum or in convenient installments numbering not more than 36. Interest at 1% would be charged if loan is repaid in 36 months. Such interest should of loan is not repaid within 36 months, interest on outstanding amount of loan would be charged at 6%.

Hope it will help you.
Admin
http://www.InvestmentKit.com
answered Oct 27, 2010 by admin (47,740 points)   5 7 13

Please log in or register to answer this question.

Related questions

0 like 0 dislike
1 answer
31 views asked Feb 24 in PPF by mahanand (200 points)   3
0 like 0 dislike
0 answers
635 views asked Jun 21, 2012 in PPF by sksoni22 (120 points)   1 1 1
1 like 0 dislike
0 answers
102 views asked Mar 2, 2012 in PPF by Ashok OJha (270 points)   2 3
0 like 0 dislike
0 answers
36 views asked Dec 28, 2011 in PPF by anonymous  
0 like 0 dislike
1 answer
0 like 0 dislike
1 answer

Do you like this website? Get future updates via our Free newsletter.

Email ID:

 Privacy and Disclaimer  

 www.InvestmentKit.com