Through this facility, buyers can avail of fast and hassle-free loans ranging from Rs 10,000 within the 100 per cent digital mode.
MF buyers are sometimes pressured to redeem their investments for fast liquidity and meet their short-term necessities
Geojit Credits, a non-banking monetary firm, on Monday introduced the launch of ‘Loan Against Mutual Fund’ (LAMF). Through this, buyers can avail of fast and hassle-free loans ranging from Rs 10,000 within the 100 per cent digital mode.
MF buyers are sometimes pressured to redeem their investments for fast liquidity and meet their short-term necessities. A mortgage towards mutual funds permits buyers to lift immediate funds at enticing rates of interest for his or her short-term liquidity necessities by protecting their mutual fund investments as collateral.
“With Geojit Online Credits Facility, buyers can avail of a mortgage towards mutual funds with immediate disbursal from the comfort of their residence. Investors will retain the possession of their mutual funds and earn returns on them, however they can’t redeem the models until the mortgage is closed,” Geojit Credits said in a statement.
Investors can avail of the loan anytime, and the loan amount will be credited to their registered bank account within a few hours. Investors can repay their loan amount without incurring any prepayment or foreclosure charges. Geojit Credits’ loan against mutual funds interest rate starts from just 8.99 per cent per annum. The interest would be charged only on the amount utilised by investors and for the loan duration.
Bejoy Anthraper, business head of Geojit Credits, said, “The need for short-term liquidity of money is growing as demand is picking up and digital transactions are expanding rapidly. Our newest product, digital loan against mutual fund will be of great help to investors who can avail loans at competitive rates and not redeem their MF investments, which is part of their long-term wealth creation and investment plan.”
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