By CNBCTV18.com Jul 3, 2020 3:19:42 PM IST (Published)
ICICI Bank announced the launch of a facility that enables retail customers to get loan of up to Rs 1 crore by pledging their holdings in both debt and equity schemes of mutual funds.
Private lender ICICI Bank announced the launch of a facility that enables retail customers to get loan of up to Rs 1 crore 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," ICICI Bank said in a statement.
Called, 'Insta Loans against Mutual Funds', the facility has been launched in partnership with Computer Age Management Services (CAMS), the country’s registrar and transfer agency for mutual funds.