Mirae Asset Financial Services has entered lending business with Loan Against Mutual Funds (LAMF) as the first product. The company says it has introduced an online mobile application through which consumers can avail LAMF facility within minutes.
The Mirae Asset Financial Services mobile app can be installed directly from the Android or IOS app store.
Customers can avail of instant LAMF limit from Rs 50,000 to Rs 3 cr by lien marking their mutual fund investments.
Customers can lien mark from a large list of approved equity and debt mutual funds across multiple asset management companies (AMCs) serviced by both RTAs – CAMS & KFintech.
The loan will be made available in the form of an overdraft facility, says Mirae Asset Financial Services.
Customers can withdraw the required amount via mobile app, whenever and from wherever they need it. On withdrawal, the amount is directly credited to the customer’s bank account the same day.
Users can apply for the LAMF limit, withdraw & repay the required amount, foreclose the loan account and complete many other activities online via the mobile application.
Speaking on the launch of Mirae Asset Financial Services (India), Krishna Kanhaiya, Chief Executive Officer (CEO) Said “With MAFS we are entering a very exciting and highly competitive space. We want to make a mark in the lending business by following our core value of customer first. Keeping this in mind we have launched LAMF via a mobile app where customers can raise liquidity within 15 minutes. Most investors redeem their investments done for long-term goals to meet short-term needs like managing liquidity in business, house renovation or medical emergencies which is fundamentally incorrect. We want to help customers by providing access to funds whenever they need them.”
Swarup Mohanty, Director, Mirae Asset Global Investments (India) said “We are excited and looking forward to the adventurous ride in the lending business. The team has put in a lot of hard work into this launch. With digital LAMF as the first product, the aim is to ensure that the customers have access to funds when they need them in a convenient manner. This also helps customers to manage their finances better as it is a good option to cater to their short-term needs and continue to stay invested for their long-term goals.”