India’s largest SBI is launching an online loan facility against mutual fund (MF) units through its Internet Banking (INB) and YONO app. This initiative allows customers to avail loans from the comfort of their home through a completely digital and paperless process available 24/7.
SBI Customers Loan: The new service offers loans to mutual fund schemes of all asset management companies (AMCs) registered with CAMS at attractive interest rates. Earlier this service was limited to SBI mutual fund schemes and customers had to visit the branch for this.
Digital Convenience for Customers
SBI Chairman Dinesh Khara said, “We are delighted to launch the facility of Loan Against MF Units for our customers on Internet Banking and YONO App. We believe that digitisation of Loan Against MF Units will enable our valued customers to experience a digital, hassle-free and paperless loan process. This will also help them avoid redemption of MF units when they need immediate funds. At SBI, we constantly strive to provide customers with a better technology-based digital banking experience so that they have to minimise branch visits.”
With this launch, SBI has become the first Public Sector Bank (PSB) in India to offer a fully digital loan service on mutual fund schemes. This move underlines SBI’s commitment to innovation in digital banking.
Enhanced Digital Banking Experience
The introduction of this online loan facility represents a significant upgrade from previous services. Customers can now enjoy a seamless loan process without the need to visit branches. This development is in line with SBI’s goal of reducing the number of branch visits by leveraging technology.
By offering this service digitally, SBI aims to provide greater convenience and flexibility to its customers. The Bank continues to focus on enhancing its digital offerings to meet the changing needs of customers.
SBI’s new initiative reflects its continued efforts to become a leader in the digital banking space. The Bank is dedicated to providing innovative solutions that simplify banking for its customers. This development is part of SBI’s broader strategy to integrate more technology-driven services into its portfolio. By doing so, the Bank hopes to improve customer satisfaction and streamline banking processes.
With this new facility, customers can manage their financial needs more efficiently. 24/7 availability ensures that they can access funds whenever they need without any hassle. SBI’s commitment to digital transformation is evident through this latest offering. The Bank continues to set benchmarks in the industry by offering user-friendly and efficient digital solutions.
This initiative will not only benefit individual customers but will also support the broader financial ecosystem by promoting digital transactions and reducing dependence on physical paperwork. The launch of this online loan facility against mutual fund units is a testimony to SBI’s commitment to enhance customer experience through technological advancements.
