SBI YONO app mutual fund loan: The new loan facility is provided for mutual fund schemes of all asset management companies (AMCs) registered with CAMS.
Mutual Fund Loan: If you also invest money in mutual funds, then you can get a loan by pledging MF units. But, till now one had to apply for this by going to the bank branch. State Bank of India has now ended this hassle as well. SBI has now started the facility of providing online loan on mutual fund (MF) units through Internet Banking (INB) and YONO App. SBI has become the first bank in the country to do so. This is a completely paperless and digital process, which is available 24×7 to customers.
The new loan facility has been provided for mutual fund schemes of all asset management companies (AMCs) registered with CAMS. Earlier this facility was limited to SBI mutual fund schemes. Also, to get a loan, the customer had to go to the bank branch and apply for the loan. With this launch, State Bank of India has become the first public sector bank to offer end-to-end digital loan on mutual fund schemes in India.
You can take loan from 25 thousand to 5 crores
You can take loan of minimum Rs 25,000 and maximum Rs 5 crore on mutual fund units. You can take loan up to Rs 20 lakh under equity/hybrid/ETF mutual funds and up to Rs 5 crore under debt/FMP funds (Loan Against Mutual Funds).
Customers will benefit a lot
On the launch of this facility, SBI Chairman Dinesh Khara said, “We are happy to launch the facility of loan against mutual fund units for our customers on Internet Banking and YONO App. We believe that 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.”
