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Withdrawing your PF due to an urgent fund requirement? Consider this alternative

By Finserv MARKETS - Dec 5,2019
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Withdrawing your PF due to an urgent fund requirement? Consider this alternative

An urgent monetary requirement can crop up at any time at all, without warning. Funds could be required to deal with an emergency medical condition or any other personal crisis. While you might consider dipping into your PF account to meet this unexpected monetary crisis, it is often advisable. A PF account cannot be withdrawn from for a period of 5 years. If you withdraw from the account before 5 years have passed, it will attract TDS. To claim relief from TDS on your PF account, it is essential to submit a PF withdrawal Form 15G. However, only persons under the age of 60 years can fill out Form 15G. If you are a senior citizen or will turn 60 in the financial year for which you are filing, you need to fill Form 15H.

However, the processes are quite complicated and it is best to avoid withdrawing from your PF account. There are other ways to meet your urgent fund requirements, whether they are for yourself or even your business. For instance, you can apply for small business loans to meet any operational shortfall in your enterprise on Finserv MARKETS, and avail the best business loans with flexible repayment tenures. On the other hand, if you require a personal loan, you can apply to have cash up to Rs. 25 lakh credited directly to your bank account within 24 hours of application.

A personal loan can be utilised to meet a string of urgent cash requirements. Read on to learn about all you can do with a personal loan.

1. Take your family on a vacation:

As working professionals, it can get quite difficult for the entire family to come together and take a vacation to a foreign destination. It is likely that everybody has keenly looked forward to a trip for quite some time now, but a financial crunch is usually the reason the trips don’t happen. With a personal loan, you can not only take your family to an exotic location but also enjoy the best options in terms of accommodation, food and travelling.

2. Repay Debt:

Whether it is a student loan or a home loan or even a vehicle loan, availing a personal loan can help you repay it instantaneously. It is best to repay these loans at a young age by availing a personal loan rather than dipping into the PF account. A PF account should be consolidated for old age when there will be a higher requirement of funds. Right now, for PF withdrawal Form15G would be required by you to be filled out. Not only does it involve a whole lot of tedious paperwork, but it also breaks into the PF account which is not desirable at this age.

3. For a medical emergency:

A medical emergency can occur at any time, to anybody. A personal loan can help you meet unexpected emergencies by providing you with cash when it is most essential. While insurance is expected to cover the majority of expenses, the patient’s family might be required to pay a certain amount which can be easily managed through a personal loan. Apply for a personal loan today on Finserv MARKETS, and have it approved in less than 3 minutes. Not only is the cash credited to your bank account within 24 hours, but you can also repay it with flexible tenure of 12 to 60 months.

4. For a wedding:

If there is a wedding in the family, costs are bound to skyrocket. A personal loan is the best way to meet these costs. Whether it’s for clothes, or to pay for a fancy venue, or even to arrange for accommodation of guests; a personal loan can help you pay for these things and more.

5. For Business Expenses:

Every business requires an infusion of capital every now and then. It is essential to have enough operational expenses at hand to meet these costs. While a personal loan can be used for any purpose, many small business loans can be used to exclusively meet your business’ requirements. Apply for a small business loan on Finserv MARKETS, and get enough capital to grow your business at an exponential rate. You can avail business loans of up to Rs. 30 lakh, which can be approved in only 3 minutes of applying for it. These custom-made loans allow you to meet expenses, regardless of their nature.

Fund requirements can arise without anybody expecting them to. However, it is essential to have funds to meet any requirement. For PF withdrawal, Form 15G must be compulsorily filled out to avoid TDS being deducted on the interest income. Instead of disturbing the account ideally meant for ensuring comforts post-retirement, you can apply for a personal loan or small business loan on Finserv MARKETS and meet your urgent expenses. Also read what are the benefit of business loan & business loan schemes for women in India.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522