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YES Bank Loan Against Mutual Funds Highlights |
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| Interest rate | As per the applicant’s credit profile |
| Loan Amount | Rs 25,000 to Rs 20 lakhs |
| LTV Ratio | Up to 92% of security value |
| Type of Facility | Overdraft Facility |
| Processing Fees | Up to 0.50% of the limit set |
| Annual Maintenance Charges (AMC) | Up to Rs 3,000 |
| Prepayment/Foreclosure Charges | NIL |
Rates updated as of 7 November 2024
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YES Bank Loan Against Mutual Funds Interest Rates
YES Bank has not mentioned the interest rates for its Loan Against MF units. The interest is charged only on the amount drawn, and not on the sanctioned limit.
Fees & Charges of YES Bank Loan Against Mutual Funds
| Particulars | Charges |
| Processing Fees | Up to 0.50% of the limit set |
| Annual Maintenance Charges (AMC) | Up to Rs 3,000 |
| Stamp Duty & other Statutory Charges | At actuals as per state laws
The bank also levy Rs 125 (including GST) as service charges for every stamp paper/e-stamp paper |
| De-pledge fees | Rs 100 per MF Unit Certificate on the release of charge (de-pledge, lien removal, etc) |
| Commitment Charges on Non-Utilization of Limits | For less than 25% limit utilization: Up to 0.25% of unutilized limits;
For more than 25% limit and less than 50% limit utilization: Up to 0.10% of unutilized limits |
| Sale of security in the event of default | 1% of Security value, subject to maximum
of Rs 10,000. (Transaction charges, brokerage, and other statutory charges and levies as per actuals) |
| Foreclosure Charges | NIL |
| Legal/Incidental/Collection Charges | At actuals |
| Pledge creation fees | Rs 100 per MF Unit Certificate on the creation of charge (pledge, lien, etc) |
| Demat Charges | As applicable from time to time |
| TRF (Transaction request form) Processing | Rs 200 per TRF processed |
| Penal Charges on Overdrawn Limit | 2% p.a to be levied on the overdue amount till the time overdue is cleared and utilization is within current limits. The interest is to be levied at a contractual rate on the overdrawn limit amount. |
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Features of YES Bank Loan Against Mutual Funds
Purpose
Prospective borrowers can use the loan proceeds for purposes specified in the application form. The loan proceeds should not be used for speculative, illegal, improper or unlawful purposes/activities. LAMF facility allows investors to avoid redeeming their long-term mutual fund investments to address short- or medium-term financial shortfalls. Moreover, borrowers will continue to enjoy all the benefits of being an investor even after availing loan against their mutual funds.
Tenure
YES Bank has not specified the repayment tenure of its loan against MFs. However, most banks and NBFCs provide the LAMF facility for one year, which can be renewed annually depending on the repayment track record of the borrower. Thus, individuals seeking to apply for LAMF should contact YES Bank to know more about the loan tenure and renewal.
Loan amount
Prospective borrowers can avail loan against equity and debt mutual funds ranging from Rs 25,000 to Rs 20 lakhs. Further, borrowers can also increase their drawing power by pledging more securities in the same loan account. The value of the overdraft limit is set based on the securities that are pledged.
LTV Ratio
The bank offers loans of up to 92% of the security value to its LAMF borrowers
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Eligibility Criteria of YES Bank Loan Against Mutual Funds
Below are the eligibility criteria for applying for a loan against MFs from YES Bank:
- An applicant should be an individual
- An applicant should have a current overdraft account with YES Bank
- The age criteria for applicants is a minimum of 21 years
Documents Required for availing YES Bank Loan Against Mutual Funds
Stated below are the documents required for applying for a loan against mutual funds from YES Bank:
- Address Proof
- Latest demat account statement
- PAN Card
- Last 2 years income tax returns
- Client Master List
- Stock Ace Account Opening Documents & KYC Documents
- Recent passport size photographs
- Last 3 months bank statements (for your Primary Banking Account)