How To Take a Loan Against Mutual Funds?

How To Take a Loan Against Mutual Funds?

Loan against mutual funds is an overdraft facility, where the Bank or NBFC sets a specific limit depending on the value of your mutual fund units up to which you can borrow for a specific time which is usually up to one year. So this works like a pre-approved loan. Interest is charged only on the utilized amount and for the duration the money is borrowed. Banks charge a lower interest rate for loans against mutual funds when compared to personal loans and credit card dues. You can pledge equity, debt or hybrid mutual fund units and avail loans against them.

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