Tata Capital launches loan against mutual funds
- ByAyushi Ray | September 15, 2021
Tata Capital launches loan against mutual funds, which range from 5 lakhs to 2 crore. The digital loan offering is provided against a wide range of equity and debt schemes across mutual funds. Customers can avail the loan amount by marking a lien on the mutual fund units which are managed by various asset management companies, Tata Capital said in a press statement. The loan amount is customized based on the value of the units in the mutual fund folio and tenure. “Mutual funds as an investment category has shown tremendous growth over the last decade and continues to gain momentum. Our latest digital product gives customers an opportunity to easily meet their fund needs in a seamless manner, even while retaining control over their portfolio,” This is in line with our strategy of constantly offering innovative products which offer customer convenience.” Abonty Banerjee, Chief Digital Officer, Tata Capital said.
The Indian Mutual Fund Industry’s AUM has grown from Rs 15.18 trillion as on July 31, 2016 to Rs 35.32 trillion as on July 31, 2021 which is more than two fold increase in a span of five years, according to Association of Mutual Funds in India. The Tata Digital Loan against Mutual Fund can be applied as an overdraft facility or as a term loan with end to end online execution. Auto renewal facility is also available for tenure exceeding one year subject to review of the mutual fund portfolio, the statement added.
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