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ICICI Bank Loan Against Mutual Funds Highlights |
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| Interest Rate | Charged only on the utilized amount and utilized time period |
| Loan Amount | Equity Mutual Funds- Up to Rs 20 lakh
Debt Mutual Funds- Up to Rs 5 crore |
| LTV Ratio | Equity Mutual Funds- Up to 50% of Net Asset Value
Debt Mutual Funds- Up to 80% of Net Asset Value |
| Loan Tenure | 1 year |
| Type of Loan Facility | Overdraft |
| Processing Fee | Up to 2% of loan amount |
Rates as of 17th October 2024
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Interest Rates of ICICI Bank Loan Against Mutual Funds
ICICI Bank has not disclosed the interest rates for its Loan Against Mutual Funds scheme. However, the interest rate is charged only on the utilized amount and utilized time period.
ICICI Bank Loan Against Mutual Funds Fees and Charges
| Particulars | Charges |
| Renewal Charges (non-refundable) | Rs 2,500 p.a. |
| Processing Fee | Up to 2% of loan amount |
| Security sale on customer request | Rs 5,000 |
| Penal Charges | 5% p.a. |
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Features of ICICI Bank Loan Against Mutual Funds
Purpose: ICICI Bank offers Loan Against Mutual Funds to ICICI Bank account holders having mutual fund holdings singly for meeting the personal requirements of individuals. Thus, the borrowers can manage their financial needs without compromising their existing investments in mutual funds.
Loan Amount: The loan amount offered against equity and debt mutual funds are mentioned below:
| Collateral | Loan Amount |
| Equity Funds | Up to Rs 20 lakh |
| Debt Funds | Up to Rs 5 crore |
The loans offered against equity and debt mutual funds of ICICI Bank are registered with CAMS.
LTV Ratio: The LTV ratio offered against equity and debt mutual funds are mentioned below:
| Collateral | LTV Ratio |
| Equity Funds | Up to 50% of Net Asset Value |
| Debt Funds | Up to 80% of Net Asset Value |
Margin Call Requirements: Reduction in the market value of mutual funds pledged as collateral with ICICI Bank results in the reduction in the eligible overdraft limit. When the amount used from the overdraft account exceeds the revised eligible limit, the difference between the utilized limit and eligible amount becomes overdue. ICICI Bank then asks the borrower of LAMF to either clear the overdue payment or pledge additional mutual funds to maintain the LTV throughout the tenure. In case the borrower fails to do this, the bank has the option to sell the pledged mutual fund units to regularize the loan amount.
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ICICI Bank Loan Against Mutual Funds Eligibility Criteria
- Applicants between 18 and 75 years of age are eligible for ICICI Bank Loan Against Mutual Funds.
- Eligible applicant should have a valid email ID and mobile number