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ICICI Bank launches digital ‘Insta Loans against Mutual Funds’

By Edil Corneille

July 01, 2020

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ICICI, bank, India, MNC, financeRetail customers of Mumbai-based ICICI Bank have good news with them as they can avail loans of up to INR 10 million instantaneously by pledging their holdings in both debt and equity schemes of mutual funds. This facility that has been launched by the bank is completely digital and paperless with no requirements for branch visits. Customers can receive the loan as an overdraft (OD) within a few minutes without submitting physical documents.

Called ‘Insta Loans against Mutual Funds’, the facility has been launched in partnership with ‘Computer Age Management Services’ (CAMS), a registrar and transfer agency for mutual funds in India. ‘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.

Rajesh Iyer, Head – Wealth, Private Banking and LAS, ICICI Bank enthused, “…We are happy to partner with CAMS for this facility to provide complete digital access for loans against mutual funds to our customers. With this facility, customers can leverage their mutual fund holdings to get access to funds instantly. We believe that in these extraordinary times of the Coronavirus pandemic, this offering will help both self-employed customers looking for funds for their business as well as salaried customers to tide over personal need for liquidity. Moreover, they will be able to avail this facility anytime, anywhere, using the Bank’s internet banking platform.”

With ‘Insta Loans against Mutual Funds’, millions of pre-approved customers of the bank can select the mutual fund scheme and the number of units they wish to pledge, confirm the loan amount and set-up the OD limit in a few clicks on the bank’s internet banking platform. The facility is open to customers of the bank holding units in mutual fund schemes serviced by CAMS.

Anuj Kumar, President & CEO, CAMS said, “Leveraging technology to augment mutual fund customer experience has been a focus area of CAMS. We are delighted that our portal is expanding further to serve mutual fund customers in newer ways. The collaboration with ICICI Bank to design a 100% digital solution for loans against mutual funds will help set higher service standards and superior customer experience. This is an important milestone in our mutual fund service journey.”

The offering comes handy to customers in the current COVID-19 pandemic situation as it empowers them to take care of their liquidity by pledging assets, without stepping out of the comfort of their homes. The facility can be availed by marking a lien on the existing mutual funds serviced by CAMS, in a few simple clicks. It is available for resident Indians and for portfolios that are individual holdings.

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