Avoid withdrawing money from EPF if you need money, these 5 methods will get you low interest money and pension money will be safe …
Avoid withdrawing money from EPF if you need money, these 5 methods will get you low interest money and pension money will be safe …
Due to the corona crisis, people are facing money related problems. To overcome this people are seeking their PF funding. But doing so without thinking can cause huge loss to your pension fund. Instead of withdrawing money from PF, you can arrange the money by raising money in other ways. We tell you how much money will come from the PF fund that will be detrimental to your pension fund. Apart from this, we are talking about 5 steps like this so that you can raise money for yourself.
How much your finances will be affected
PF earns 8.5 percent interest. It is estimated that with 30 years left in your pension, if you withdraw Rs 1 lakh from your PF account now, it will affect your pension fund of Rs 11.55 lakh. Find out here how much money you take will affect the pension fund.
|
Of the amount we take Respect |
How much will be deducted after 20 years (Rs.) | How much less will be available after 30 years (Rs.) |
| 50 thousand | 2 lakh 5 thousand | 5 lakh 27 thousand |
| 1 lakh | 5 lakh 11 thousand | 11 lakh 55 thousand |
| 2 lakhs | 10 lakh 22 thousand | 23 lakh 11 thousand |
| 3 lakhs | 15 lakh 33 thousand | 34 lakh 67 thousand |
Note: This table is based on an approximate estimate as interest on PF is reviewed every 3 months. Apart from this, in the table given here, the interest is calculated annually.
Also Read: The mobile number on the Aadhaar Card can be easily updated and no document is required
Here are 5 ways you can manage money
Gold loan
Most banks, including the country’s largest bank, State Bank of India (SBI), have started offering personalized gold loans. Under this the customer can keep gold and borrow. SBI offers loans of up to Rs 20 lakh per annum at an interest rate of 7.50 per annum. Apart from SBI, banks including Bank of India, Punjab National Bank and Bank of Baroda also offer gold loans.
You can get a loan in FD
If you have a fixed deposit (FD), you can borrow from it. Get a loan easily and at a low interest rate. There are several banks that offer loans at less than 6% interest on foreign direct investment. If you borrow at FD, you will have to pay 1-2% more than the fixed deposit. For example, if you get 4% interest on your FD, you can get a loan at 6% interest rate. You can borrow up to 90% of the value of the FD. Assuming your FD value is 1.5 lakh rupees, then you can get a loan of 1 lakh 35 thousand rupees.
Top-up home loan
You can also take an over-the-counter home loan from the bank to meet your cash needs. This loan offers you money at a low interest rate. If you take out a home loan, you can easily talk to the bank and raise it on that loan. The interest rates on top-up loans are slightly higher than home loans but lower than personal loans.
Credit card loan
Credit card companies offer loans to cardholders based on their card type, cost and repayment. Once a cardholder receives this loan, his credit limit will be reduced by that amount. However, some lenders offer more than the credit limit against the credit card. If you also use a credit card, you can borrow on it.
Jana account holders can avail overdraft facility
Jana launched its program by the central government to link the poor with the bank. Many benefits are provided to the poor under this scheme. This includes overdraft facility up to Rs.5000. That means your Jana can withdraw up to Rs.5000 from her account at any time. To avail this facility, your Aadhar card has to be linked to a bank account. You can avail the overdraft facility when there is no money in your account. However, interest is charged on it. To avail this facility, you need to go to the bank.
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