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ICICI Bank today announced the ability for its retail clients to obtain loans of up to Rs 1 crore instantly by pledging their holdings into mutual fund debt and equity programs. The fully digital and paperless facility allows clients to qualify for this overdraft (OD) loan in minutes, 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), the country’s leading registry 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.
Speaking about the initiative, Rajesh Iyer, Head-Wealth, Private Banking and LAS, ICICI Bank said, “We are pleased to partner with CAMS for 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 seeking funds for their business as well as salaried clients overcome their personal cash flow needs. Moreover, they will be able to take advantage of this facility anytime, anywhere, using the Bank’s online banking platform.
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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 are excited that our portal continues to expand to serve mutual fund clients in new ways. “
With “Insta Loans against Mutual Funds”, the Bank’s millions of pre-approved clients have the opportunity 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 clicks on the Bank’s Internet Banking platform. The facility is open to clients of the Bank holding units in 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.
This facility can be used by scoring a lien on existing mutual funds serviced by CAMS, with a few simple clicks. It is available for Resident Indians and for wallets which are individual holdings.
