Customers can now avail hassle-free loan against Mutual Funds, digitally within minutes

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Mumbai, August 18, 2020: YES BANK announced the launch of digital ‘Loan against Securities’, a unique solution enabling customers to lien mark their mutual funds digitally and avail quick and hassle-free loan. This digital solution has been launched under YES BANK’s ‘Loan in Seconds’ platform, allowing customers to set an instant credit limit against securities held. Customers can now avail a loan digitally without any additional documentation from the safety and comfort of their homes.

Leveraging the Bank’s strong technology and analytics, the customised solution through its algorithm processes the loan application digitally in real time, which would usually take 3-5 days, thereby resulting in a seamless customer experience. Customers can avail the facility from the Bank’s website, and lien mark mutual funds with KFin Technologies as the registrar, check the terms and authenticate the request for enabling instant limit setting.

Key features of the solution:

First Bank to tie-up with KFin Technologies for online lien marking of mutual funds
Completely digital and seamless for customers, wherein the limit would be set in their account in few minutes
No additional documentation required
Two validations from the Bank and two validations from KFin Technologies to ensure safety

Benefits of the solution:

Instant availability of funds in account within minutes
Loan up to Rs. 1 crore against debt mutual funds
Available against both Debt and Equity Mutual Funds
Customer retains mutual fund portfolio without liquidation
Interest applied only on amount utilized for the number of days of utilization

Speaking on the launch, Rajan Pental, Global Head – Retail Banking, YES BANK, said, “This launch is a testament to YES BANK’s digital innovation and technology capabilities, aimed at offering convenient, fast and easy-to-use solutions and products to customers. This solution provides a differentiated banking experience to customers as the limit is set-up instantly in a completely paperless and hassle-free manner. We are pleased to be the first Bank to partner with KFin Technologies to provide a completely digital loan against mutual funds to our customers.”

Sreekanth Nadella, CEO, KFin Technologies, said, “It gives us immense pleasure to partner with YES BANK and provide a unique experience to customers by providing instant loan against Mutual Funds. This is a truly digital offering without any paperwork. Customer convenience has always been the core of our organisation and this digital offering is another step in that direction. We look forward to a long and mutually beneficial relationship with YES BANK.”