The provident fund cannot borrow money to buy a car, and the funds in the provident fund account can only be used to borrow money to buy a house. However, it is feasible for users to withdraw the balance from the provident fund account and use the provident fund as the down payment for loans to buy a car. Banks and provident fund centers cannot monitor the specific use of the withdrawn provident fund balance. Provident fund mainly refers to housing provident fund, which refers to long-term housing savings paid by state organs and institutions, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises and institutions, private non-enterprise units, social organizations and their employees. The deposit and loan interest rate of housing provident fund is proposed by the People's Bank of China. After soliciting the opinions of the construction administrative department of the State Council, it is reported to the State Council for approval. The construction administrative department of the State Council shall, jointly with the finance department of the State Council and the People's Bank of China, formulate the housing accumulation fund policy and supervise its implementation.
Legal basis:
Regulations on the administration of housing provident fund
Article 2 These Regulations shall apply to the deposit, withdrawal, use, management and supervision of housing provident fund in People's Republic of China (PRC).
The term "housing accumulation fund" as mentioned in these Regulations refers to the long-term housing savings paid by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units and social organizations (hereinafter referred to as units) and their employees.
Article 3 The housing accumulation fund paid by individual employees and the housing accumulation fund paid by the unit where employees work for employees belong to individual employees.
Article 4 The management of housing provident fund shall follow the principles of decision-making by the housing provident fund management committee, operation of the housing provident fund management center, special account storage and financial supervision.
Article 5 The housing accumulation fund shall be used for the purchase, construction, renovation and overhaul of self-occupied housing by employees, and no unit or individual may use it for other purposes.
Derivative problem:
How to withdraw the housing provident fund Individual users can go to the local housing provident fund center to handle the provident fund withdrawal business at the window, or they can quickly withdraw the provident fund through Alipay, local social security APP and other software. In fact, many areas have opened the business of withdrawing provident fund online. Users only need to go to the provident fund withdrawal page and submit an application, so they can quickly withdraw the provident fund. Provident fund mainly refers to housing provident fund, which refers to long-term housing savings paid by state organs and institutions, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises and institutions, private non-enterprise units, social organizations and their employees. Only on-the-job employees can establish a housing provident fund system. Unemployed urban residents and retired workers do not implement the housing provident fund system.