Mumbai: ICICI Bank has launched a special scheme for its customers. Under this scheme, its customers can avail loans up to Rs 1 crore against debt and mutual funds. In this scheme called Insta Loans against Mutual Funds, customers can get a loan right from home.
Millions of pre-approved customers of the bank can take advantage of the mutual fund scheme. The benefit of this will be only to those customers who hold holdings of CAMS serviced mutual fund units. In this, the loan limit is determined by calatulating the amount to be pledged and keeping the same amount.
To know its process: -
Log in to ICICI Bank's Internet Banking.
Go to Invest and Insurance and click on Loan against Mutual Funds option.
Check pre-qualified eligibility.
Select Type of Mutual Fund.
Confirm request on the CAMS portal.
Select the mutual fund scheme and unit.
Confirm request via OTP on registered mobile number.
Now determine the loan amount.
According to the bank's website, interest on loans to equity mutual funds will be 9.90 percent per annum and 9.40 percent per annum for taking loans on mutual funds. Along with this, a processing fee of Rs 500 and GST will also have to be charged.