Loans against Mutual Funds - Mirae Asset Financial Services
Is there an option to make prepayment?
Yes, you can prepay your loan as per your convenience without any charges.
How will disbursement take place?
An overdraft account will be set up with MAFS. This account will have a certain drawing limit, which you can utilize as and when required. Drawing limit depends upon the eligible LTV and value of the mutual fund unit’s pledge/ lien by you.
What is the purpose of Loan Against Securities?
The purpose of Loan Against Securities is to take care of all your short-term and medium-term financial needs and to help you meet your contingencies.
Will the functionality work if the customer is not registered with myCAMS?
Once the customer logs in to MAFS mobile application, completes KYC and gets navigated to myCAMS page, we pass on the PAN and the e-mail ID registered with us with customer’s permission. Basis the information, myCAMS will check for registry details ...
What is the loan tenure?
The facility is provided for one year and gets renewed, basis satisfactory performance of the account, after one year. In case customer does not wish to renew the facility, he/she needs to place a request for closure of the account prior to renewal.
How often are the mutual funds revalued?
The routine revaluation takes place every day and the limits get revalued as per the previous day’s NAV of the pledged mutual funds.
How is the interest in LAS account calculated?
Interest is calculated on daily basis on the utilized amount and charged on the last working day of the month. The borrower needs to service the same on monthly basis.
Are there any lien marking and lien removal charges?
There is no lien marking charge applicable at the time of application. Pledging further securities or de-pledging will attract a charge. You can refer to schedule of charges from here.
Can I process lien removal of mutual funds online?
For lien removal of mutual funds, you can raise request online through MAFS mobile app.
Can I apply online for additional overdraft limit?
Yes, you can enhance your loan digitally through MAFS mobile app.
What should I do if the Digital Loan Against Mutual Funds Account opening does not go through successfully?
You can write to our customer service team at mcare@miraeassetfin.com or contact us at 1800 2099 180 (Monday to Friday 9 am to 6 pm, excluding holidays) in case you face any issues while applying for ‘Digital Loan Against Mutual Funds’ and can apply ...
What are the steps to avail of Digital Loan Against Mutual Funds?
Steps to follow: Download app & register yourself Select type of mutual funds (viz equity or debt mutual funds) Complete one-time KYC registration with PAN & Aadhar details (Details can be fetched directly from Digilocker if your Aadhar is linked ...
What are the operational hours to take 'Digital Loan Against Mutual Funds'?
Since Digital Loan Against Mutual Funds is a complete digital and paperless process your LAMF limit will be approved and functional instantly. You can raise funds withdrawal requests or make repayments 24*7 on all days of the week. Any withdrawal ...
What is the Loan To Value (LTV)\Margin on Security?
Loan up to 45% of the Net Asset Value (NAV) in case of equity mutual funds and up to 80% in case of debt mutual funds.
What is the minimum and the maximum credit that a customer can avail through 'Digital Loan Against Mutual Funds'?
The minimum amount is Rs 50,000/- and the maximum can go up to Rs 1 crore in case of equity mutual funds and up to Rs. 3 crores in case of debt mutual funds.
What is 'Digital Loan Against Mutual Funds'?
Digital Loan Against Mutual Funds is a complete digital and paperless process by which you can lien your mutual funds registered with “CAMS” or “Kfintech” (Registrar & Transfer Agents, RTAs), in few simple clicks to avail of an instant overdraft ...