Now enjoy instant loans of up to Rs 1 crore against ICICI mutual funds

The completely digital and paperless facility allows customers to avail this loan in the form of an overdraft (OD), without going to a branch and without submitting any physical documents.

ICICI Bank has announced the launch of a facility that allows retail clients to obtain a loan of up to Rs 1 crore instantly by pledging their holdings into mutual fund debt and equity programs. The completely digital and paperless facility allows customers to avail this loan in the form of an overdraft (OD), without going to a branch and without submitting any physical documents. Called “Insta Loans against Mutual Funds”, the mechanism was launched in partnership with “Computer Age Management Services” (CAMS), a registrar and transfer agency for mutual funds. “Insta Loans against Mutual Funds” is an extension of Insta LAS, an instant loan facility against shares, which the Bank launched over a year ago.

With “Insta Loans against Mutual Funds”, the millions of pre-approved clients of the Bank have the possibility to select the mutual fund system and the number of units they wish to pledge, to confirm the amount of the loan and set the OD limit in a few simple clicks on the bank’s online banking platform, the bank said in a statement. The facility is open to clients of the Bank holding units of mutual funds managed by CAMS. This offer is convenient for customers in the current pandemic scenario, as it allows them to take care of their cash flow by pledging assets, without leaving the comfort of their homes.

Speaking about the initiative, Rajesh Iyer, Head-Wealth, Private Banking and LAS, ICICI Bank said, “ICICI Bank has offered many retail products instantly to its clients by leveraging data analytics and technology. . In recent years, the list of instant products introduced by the Bank includes Instant Credit Card, Instant Personal Loan, Instant Home Loan, Instant Car Loan, Instant Credit called Paylater, Instant Overdraft Facility for MSME and the instant opening of public provident funds. Fund Account Facility and InstaLAS. This new facility, “Insta Loans Against Mutual Funds,” is an extension of that effort. “

“We are pleased to partner with CAMS on this facility to provide full digital access to mutual fund loans to our clients. With this feature, clients can leverage their mutual fund holdings to instantly access funds. We believe that in these extraordinary times of the coronavirus pandemic, this offer will help both independent clients looking for funds for their business as well as salaried clients to meet their personal cash flow needs. In addition, they will be able to take advantage of this facility anytime, anywhere, using the Bank’s online banking platform, ”he added.

Speaking about enabling the digital solution, Anuj Kumar, President and CEO of CAMS, said, “Using technology to improve the client experience of mutual funds has been a priority area for CAMS. . We’re excited that our portal is growing even further to serve mutual fund clients in new ways. Working with ICICI Bank to design a 100% digital solution for mutual fund lending will help establish higher service standards and a superior customer experience. This is an important step in our journey of service to mutual funds.

This facility can be used by scoring a lien on existing mutual funds served by CAMS, with a few simple clicks. It is available for resident Indians and for wallets which are individual holdings.

Some of the main features of “Insta Loans for Mutual Funds” include: instant access to funds; flexibility of mutual funds; advantage of OD, no fixed EMI; no entry fees.

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