ICICI Insta Loan Against Mutual Funds

1. Avail a loan amount of up to 50% of the Net Asset Value or NAV (equity mutual funds)
2. Avail a loan amount of up to 80% of the Net Asset Value or NAV (debt mutual funds)
3. The Insta Loan facility can be availed by existing ICICI Bank customers who have mutual fund holdings
4. The facility can be availed only against the mutual funds which are approved by the bank and are registered with Computer Age Management Solutions Private Limited (CAMS).

Eligibility Criteria for ICICI Insta Loan Against Mutual Funds

The eligibility criteria for the ICICI Insta Loan Against Mutual Funds can be listed as follows:

1. The facility is open to 'pre-qualified' individual customers only.
2. The applicant should have an existing savings account with the bank.
3. The applicant must be maintaining a portfolio with mutual funds registered with CAMS.
4. The applicant should be an Indian resident.

Rate of Interest for the ICICI Insta Loan Against Mutual Funds

The rate of interest for the ICICI Insta Loan Against Mutual Funds are as follows:

1. 9.90% p.a. for equity mutual funds
2. 9.40% p.a. for debt mutual funds

How to Apply for a Loan through ICICI Insta Loan Against Mutual Funds?

To apply for a loan through the ICICI Insta Loan Against Mutual Funds, an individual will be required to follow the steps mentioned below:

1) Log in to the ICICI Bank Internet Banking profile.

2) Once you log in, go to the 'Investment and Insurance' tab.

3) Click on the 'Insta Loan Against Mutual Funds' option.

4) Use One Time Password (OTP) authentication to confirm the request through the CAMS portal.

5) Check the box against the 'Terms and Conditions' after going through it.

6) An OTP will be sent to your registered mobile phone number and email ID.

7) Use the OTP to authenticate the process of opening the loan against mutual fund Over Draft (OD) account.

8) The account is opened instantly.

9) Once the account I opened and the confirmation of lien making is done, the limit will be set for the OD loan account.

10) After the successful completion of this process, the amount will be credited to the account.

Documents required for ICICI Insta Loan Against Mutual Funds

As the ICICI Insta Loan Against Mutual Funds is a pre-approved loan facility, the bank does not require the applicant to submit any documents. The documents already submitted and verified as the applicant will be an existing customer of the bank.

How the EMI Calculation works for ICICI Insta Loan Against Mutual Funds?

If you consider an example wherein the applicant has applied for a loan amount of Rs.2 lakh under the ICICI Insta Loan Against Mutual Funds in the month of July 2020. The interest rate charged by the bank is 9.40% p.a. as the mutual fund holding of the applicant is debt mutual fund.

Let us assume, the loan repayment tenure for the loan is 1 year. In this case, the monthly personal loan EMI that the individual will have to pay will be Rs.17,527. The loan repayment schedule of the individual is given below:

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