SBI Loan against Mutual Fund: Customers of the country’s largest lender State Bank of India (SBI) can take online loan on mutual fund (MF) units through their Internet Banking (INB) and YONO App. SBI has become the first bank in the country to do so. With this new facility, customers will be able to take loan from the comfort of their home. This is a completely paperless and digital process, which is available to customers 24×7.
New facility provided to the customer
The new loan facility has been provided at attractive interest rates for mutual fund schemes of all asset management companies (AMCs) registered with CAMS. Earlier this facility was limited to SBI mutual fund schemes, which customers can avail by visiting the branch.
SBI Chairman Dinesh Khara said, “We are happy to launch the facility of loan against MF units for our customers on Internet Banking and YONO App. We believe that the digitization of loan against MF will enable our customers to experience a digital, hassle-free and paperless loan process. This will also eliminate the need for them to sell MF units in case of urgent need of funds.” With this launch, SBI has become the first public sector bank (PSB) to offer end-to-end digital loan against mutual fund schemes in India. How much loan will be available? Customers can take a minimum loan of Rs 25,000 on mutual funds. At the same time, you can take a maximum loan of Rs 5 crore above this. In this, you can take up to Rs 20 lakh under Equity / Hybrid / ETF MF and up to Rs 5 crore under Debt / FMP MF (Loan Against Mutual Funds). For more information, you can click on this link.
https://sbi.co.in/web/personal-banking/loans/loans-against-securities/loan-against-mutual-fund-units
