Kuvera, an online investment
platform of direct mutual funds has started offering loan against mutual fund
units to investors.
So far, only banks and NBFCs offer
loan against stocks and mutual funds. The platform has tied up with Bajaj
Finance to offer loan to mutual fund investors.
The facility lets an investor
get a loan of up to 80% of the current market value of mutual fund units.
Kuvera has extended this facility to all mutual fund investors, both direct and
regular.
Kuvera will charge a processing fee
of Rs.999 for loan below Rs.2 lakh and Rs.1,999 for loan above Rs.2 lakh. The
NBFC will charge interest rate of 11.5% on the loan amount less than Rs.2 lakh
and 10.5% if the loan amount exceeds Rs.2 lakh.
Other platforms like Zerodha and
ETMoney will soon start offering loan against stocks and mutual funds.
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