To avail a loan against mutual funds, you need to pledge a high-value mutual funds folio as collateral. This secured loan acts as an excellent way to raise finance for short-term, immediate needs. But first, to get the loan, you must ensure that you match the eligibility terms and conditions put forth by the lender.
Once you meet all the criteria that the lender has set, your mutual fund investments will give you access to a substantial amount on nominal loan against mutual funds interest rate.
How to check your eligibility for a loan against mutual funds?
The eligibility terms for a secured loan like the loan against mutual fund vary as per the lender. As far as the basic terms of eligibility go, you can apply for this loan if you are at least 21 years old and a resident citizen of India. Also, the value of your investment must be at least Rs.10 lakh.
Apart from this, you will have to check lender-specific eligibility terms before applying for the loan. Usually, earning a sufficient regular income in the form of a monthly salary or as business income will help you win your lender’s trust. Most lenders will also check your credit score to gauge your creditworthiness and repayment capacity.
Tips to apply for a loan against mutual funds?
Leading lenders of the country make it easy for you for applying for a Loan Against Mutual Funds easy and effortless. Once you have decided to pledge mutual funds, you can use in 3 steps to getting access to a huge loan amount of up to Rs.10 crore without any delay.
First, fill out an application form and enter all the mandatory details. Submit the form after rechecking all the information that you have entered.
Then, you will get a call from a representative confirming your application and telling you how much you can borrow.
Submit the documents to prove your eligibility. This will also include uploading a document proof for your securities.
Once documents are verified, you will get quick approval and receive the cash in your account within 72 hours.
What are the benefits of availing a loan against mutual funds?
You can expect a host of benefits when you borrow funds through this loan. Listed below are some of the advantages of taking a Loan Against Mutual Funds from Bajaj Finserv.
- You will get access to a high loan amount of up to Rs.10 crore on a competitive interest rate via a quick and easy sanction.
- You can use these funds to pay for varied personal and professional needs without having to abide by any restrictions.
- You can repay the loan over a comfortable tenor of 3 to 12 months.
- You can get the amount on a Flexi Loan basis where you have the freedom to withdraw money from your total sanction in parts, as per your needs. Here interest is applied only on the amount you use.
- Moreover, you can manage the repayment on your terms by choosing to repay what you borrow through interest-only EMIs and repay the principal at the end of the tenor.
- You can access all loan-related information and details using an online account as per your convenience from anywhere, at any time.
- You can resolve all your queries 24 hours a day, seven days a week from the comfort of your home or office by talking to your dedicated relationship manager.
Now that you know how easy it is for you to apply for a loan against mutual funds, proceed to apply for one with Bajaj Finserv and enjoy an array of benefits from day 1.