By IndiaHub 
Yes. An account holder may apply for a loan in Form-2 any time after 1 year but before 5 years from the end of the year in which the initial PPF subscription was made. The loan amount must not exceed 25% of the balance standing to the credit of the account at the end of the 2nd year immediately preceding the year of application.
A fresh loan cannot be availed until the previous loan, including interest, is fully repaid, and only 1 loan may be taken in a year. Also, the loan principal must be repaid within 36 months from the month following its sanction, either in full or via instalments.