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Mirae Asset Loan Against Mutual Funds Highlights |
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| Interest Rate | 10.50% p.a. |
| Loan Amount | Minimum- Rs 10,000
Maximum- Equity Mutual Fund- Up to Rs 1 crore Debt Mutual Fund- Up to Rs 3 crore |
| LTV Ratio | Equity Mutual Fund- 45%
Debt Mutual Fund- 80% |
| Tenure | 1 year (renewed thereafter) |
| Processing Fees | Rs 999 |
| Type of facility | Overdraft facility renewable after 1 year |
Rates as of 17th October 2024
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Mirae Asset Loan Against Mutual Fund Interest Rates
Mirae Asset Financial Services offers Loan Against Mutual Funds at 10.50% p.a. with flexi payment option. The interest is levied only on the amount used and the number of days it has been utilized for.
Mirae Asset Loan Against Mutual Fund Fees and Charges
| Particulars | Charges |
| Annual Renewal Charges | Rs 999 |
| Processing Fee | Rs 999 |
| Penal Charges | 15% p.a. on the overdue amount |
| Foreclosure Charges | NIL |
| Stamp Duty | Rs 500 |
| Bounce Charges | Rs 500 |
| Minimum withdrawal amount | Rs 1,000 |
| Collection Charges | Rs 5,000 |
| Bank mandate swap charges | Rs 500 |
| Top-up/Security withdrawal charges | Rs 500 |
| Security invocation charges | Rs 5,000 |
| Legal charges | Rs 5,000 |
| Collection charges | Rs 5,000 |
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Features of Mirae Asset Loan Against Mutual Fund
Purpose: Mirae Asset Loan Against Mutual Funds (LAMF) allows its borrowers to avail finance for meeting their personal or business requirements by borrowing against their mutual fund units. This saves the Mirae Asset LAMF borrowers to manage their short or medium-term financial needs without selling their existing mutual fund investments.
Loan Amount:
The loan amounts offered against equity and debts mutual funds are mentioned below:
| Collateral | Loan Amount |
| Equity Mutual Funds | Up to Rs 1 crore |
| Debt Mutual Funds | Up to Rs 3 crore |
LTV Ratio:
The LTV ratio offered against equity and debts mutual funds are mentioned below:
| Collateral | LTV Ratio |
| Equity Mutual Funds | Up to 45% |
| Debt Mutual Funds | Up to 80% |
Loan Tenure: MAFS offers Loan Against Mutual Funds for 1 year that can be renewed annually.
Margin Call Requirement: Any drop in the value of the mutual funds pledged as collateral leads to a drop in the eligible overdraft limit. In case the amount utilized from the overdraft account exceeds the revised eligible limit as per the sanctioned LTV ratio, the difference between the utilized amount and the eligible limit will become overdue. Mirae Asset Financial Services can then ask the borrower to either clear the overdue payment or pledge additional mutual funds to maintain the sanctioned LTV ratio. In case of any failure in repaying the overdue amount within the stipulated time, Mirae Asset Financial Services can sell the pledged mutual funds.
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Eligibility Criteria of Mirae Asset Loan Against Mutual Fund
- Applicants should be between 18-75 years of age.
- Indian resident individuals are eligible for Mirae Asset Loan Against Mutual Fund.
Documents Required for Availing Mirae Asset Loan Against Mutual Fund
- Valid email ID
- Valid mobile number
- PAN and Aadhaar card
- Valid bank account number and a cheque copy of account to be linked