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SBI Loan Against Mutual Funds Highlights |
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| Interest Rate | 10.05% p.a. |
| Loan Amount | Minimum- Rs 25,000
Maximum- Equity/Hybrid/ETF Mutual Funds- Rs 20 lakh Debt/FMP Mutual Funds- Rs 5 crore |
| LTV Ratio | Equity/Hybrid/ETF Mutual Funds- 50%
Debt/FMP Mutual Funds- 75% |
| Tenure | 1 year (renewed annually) |
| Processing Fees | Flat Rs 1,000 |
| Type of Loan Facility | Overdraft |
Rates as of 17th October 2024
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Interest Rates for SBI Loan Against Mutual Funds
State Bank of India offers Loan Against Mutual Funds at 10.05% p.a. The interest rate is on floating basis and is subject to change as per bank’s policy.
SBI Loan Against Mutual Funds Fees and Charges
| Particulars | Charges |
| Review/Renewal Charges Annually | Rs 1,000 |
| Processing Fees | Flat Rs 1,000 |
Features of SBI Loan Against Mutual Funds
Purpose: SBI offers Loan Against MF to meet the personal requirements of its applicants other than speculative purposes, by leveraging their mutual fund investments. Thus, the borrowers can manage their short or medium-term financial needs without liquidating their existing mutual fund investments.
Loan Amount: The loan amount offered against equity/hybrid/ETF mutual funds and debt/FMP mutual funds are mentioned below:
| Minimum Loan Amount | Rs 25,000 | |
| Maximum Loan Amount | Equity/Hybrid/ETF Mutual Funds: Rs 20 lakh
Debt/FMP Mutual Funds: Rs 5 crore |
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LTV Ratio: The LTV ratio offered against equity/hybrid/ETF mutual funds and debt/FMP mutual funds are mentioned below:
| Collateral | LTV Ratio |
| Equity/Hybrid/ETF Mutual Funds | 50% |
| Debt/FMP Mutual Funds | 75% |
Margin Call Requirement: If the market value of mutual funds pledged with SBI as collateral drops, the eligible overdraft limit also reduces. If the amount used from the overdraft account is more than the revised eligible limit, the difference between the eligible amount and the utilized limit will become overdue. SBI will then ask the LAMF borrower to clear the overdue payment or pledge additional mutual funds to maintain the margin throughout the tenure, failing which the bank has the authority to sell the pledged mutual fund units to regularize the loan account.
Eligibility Criteria for SBI Loan Against Mutual Funds
- Individuals above 18 years of age are eligible for SBI Loan Against Mutual Funds.
For availing the loan facility through online mode-
- The savings or current account of the applicant should be in single name.
- The PAN number, mobile number and email ID of mutual funds account and bank account should be identical.
- Joint account holders can avail SBI Loan Against Mutual Funds through SBI branch only.
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Documents Required for Availing SBI Loan Against Mutual Funds
No documentation is required for making Loan Against Mutual Funds application with SBI through the online modes. However, the bank requires the following documents availing LAMF facility through the bank branch:
- Application form with passport size photograph
- ID Proof
- Residence and official address proof (except for employees)
- Income proof
- Declaration
- Latest account statement issued by SBI Funds Management Limited showing details of the unit held
- Authorization to recover nom-serviced interest letter
- Investor’s request for lien marketing