Now, avail Rs 1 cr loan in just 3 minutes; check out this HDFC Bank product
In a chat with Zee Business, Arvind Kapil, Group Head - Unsecured, Mortgages and Home Loans, HDFC Bank said, "On the equity side, up to Rs 10 lakh loan be availed, and up to 1 crore on the debt segment."
HDFC Bank has just rolled out a product that allows people to avail loans against their mutual fund holdings. And what is truly an eye-ball grabber is that this can be done in just 3 minutes flat! Private lender HDFC Bank has launched its latest scheme called Digital Loans against Mutual Funds (LAMF) in partnership with transfer agent CAMS.
In a chat with Zee Business, Arvind Kapil, Group Head - Unsecured, Mortgages and Home Loans, HDFC Bank said, "On the equity side, up to Rs 10 lakh loan be availed, and up to 1 crore on the debt segment." The process is quite simple, Kapil added and said that all it took was for customers was to get online to pledge mutual fund assets and get the overdraft limit set in their account.
And to add to the 3 minute ease-of-use feature, customers can avail this product through the HDFC Bank website in 3 easy steps. Here is how:
1. Loan seekers should log on to myCAMS via HDFC Bank website and select the mutual funds they would like to pledge from their portfolio
2. Click on loan terms and conditions
3. Input one-time password (OTP) and overdraft will be ready to use in their account
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"With this product, customers can leverage their mutual fund (MFs) portfolio to avail funds for any contingencies or emergencies without liquidating their investments or stopping their regular investment plans/SIPs," said HDFC Bank in a statement.
"With Digital LAMF, customers can design their own loan against mutual fund, choosing which assets from their portfolio they would like to pledge, calculate their overdraft limit eligibility against mutual funds, open a current account online instantly and get the money into the account; all in a matter of minutes," the statement revealed.
Digital loans against mutual funds are available for resident Indians and for portfolios that have individual holdings.
Here are key benefits of HDFC Bank Digital LAMF:
- Instant availability of money in account within minutes.
- Available against both Debt & Equity Mutual Funds
- Customer retains mutual fund portfolio without liquidation
- First-time borrowers without credit history can access loans
- Interest applied only on amount utilised
- Available across the country on HDFC Bank website
- New Loans and Enhancements can be done online
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