loan against PPF a/c

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CA. Sukhdev Singh (Querist)
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08 June 2010 I have PPF a/c in SBI. Please provide me details / procedures / intt rate etc. for availing loan ag. PPF a/c balance.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 June 2010 The deposit holder can take a loan from the PPF account in case if he/she wish so ,subject to the following conditions. The first loan can be taken in the third year of opening the account i.e., if the account is opened during the year 2009-10, the first loan can be taken during the year 2011-2012. The amount of loan will be restricted to 25% of the balance including interest for the year 2009-10 in the account as on 31.3.2010.

CA. Sukhdev Singh

CA. Sukhdev Singh (Querist)
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09 June 2010 What is the rate of Intt. and repayment period.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 June 2010 Interest rate is 12% per annum. Repayment period is 24 months.

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