Mirae Asset inks pact with FundsIndia to give loan against securities

Mirae Asset Financial Services on Wednesday said it has inked a pact with FundsIndia to provide loans against securities.

This credit facility is available on FundsIndiainvestorplatform and soon will be released on their partner platform as well, a joint statement said.

FundsIndia partners will also be able to offer the product to their investors digitally via the FundsIndia partner platform, it said.

As part of the deal, investors will be able to pledge their mutual fund units of different asset management companies (AMCs) to avail loans against mutual funds, it said. Customers can also pledge shares from a large list of approved shares held in demat account with NSDL only, it said.

The investors will get the option of creating an overdraft facility against their mutual funds and shares on the FundsIndia portal at 9 per cent pa and with a fixed processing fee of Rs 999 plus taxes that will help them manage their liquidity without redeeming their investments, it said.