ICICI Bank has launched a facility that enables retail customers to get loan of up to Rs 1 crore instantaneously by pledging their holdings in both debt and equity schemes of mutual funds. The fully digital and paperless facility empowers the customers to avail this loan as an overdraft (OD) in a matter of few minutes, without visiting a branch and submitting physical documents.
Called, ‘Insta Loans against Mutual Funds’, the facility has been launched in partnership with ‘Computer Age Management Services’ (CAMS), the country’s leading registrar and transfer agency for mutual funds. ‘Insta Loans against Mutual Funds’ is an extension of the Insta LAS, an instant loan facility against equity shares, which the Bank launched over a year ago.
ICICI Bank is a leading private sector bank in India.
