ICICI Bank has launched an instant loan facility for retail customers to get a loan of up to ₹1 crore instantaneously against the mutual funds.
The loan facility will be available for pledging their holdings in both debt and equity schemes of mutual funds.
According to a press release, the fully digital and paperless facility lets the customers avail of this loan as an overdraft (OD) in a matter of few minutes, without visiting a branch and submitting physical documents.”
The facility is called, ‘Insta Loans against Mutual Funds', the facility has been launched in partnership with Computer Age Management Services (CAMS), the country’s registrar and transfer agent for mutual funds.
Instant Loans against Mutual Funds is an extension of the Insta LAS, an instant loan facility against equity shares, which the bank launched over a year ago.
“We are happy to partner with CAMS for this facility to provide complete digital access for loans against mutual funds to our customers. With this facility, customers can leverage their mutual fund holdings to get access to funds instantly.” Rajesh Iyer, Head- Wealth, Private Banking, and LAS, ICICI Bank said.
“We are delighted that our portal is expanding further to serve mutual fund customers in newer ways. This is an important milestone in our mutual fund service journey,” Anuj Kumar, President & CEO, CAMS, said.