SBI enhances convenience with online loan against MFs through Online Banking & YONO App
- SBI becomes the first PSB to provide an end to end digital loan against mutual fund units
- Loan against MF available for MF scheme of all the AMCs registered with CAMS
Mumbai, July 11, 2024 – SBI, the country’s largest lender, is set to digitally empower customers and enhance convenience with the introduction of an online loan facility against mutual fund (MF) units through its Internet Banking (INB) and YONO App. This digital offering enables customers to avail loans from the comfort of their homes, offering a 100% paperless and digital process that is available 24×7.
The new loan facility is extended at attractive interest rates to mutual fund schemes of all Asset Management Companies (AMCs) registered with CAMS. The development marks a significant upgrade from the previous service, which was limited to loans against SBI Mutual Fund schemes only and was available only through branches requiring physical visits by customers.
Shri Dinesh Khara, Chairman, SBI said, “We are pleased to introduce Loan against MF Units facility for our customers on internet banking and YONO app. We believe that the digitalization of Loan against MFs will enable our valued customers to experience a digital, hassle-free, and paperless loan process. It will also help them in avoiding redemption of MF Units in case of immediate need of funds. We, at SBI, constantly strive to offer enhanced technology-led digital banking experience to the customers in order to minimize their branch visits.”
With this launch, SBI becomes the first public sector bank (PSB) to offer an end-to-end digital loan on mutual fund schemes in India, reaffirming its commitment to leading the way in digital banking innovation.
