How investors will benefit from Mirae Asset’s NBFC pact with investment platform FundsIndia explained
Mumbai: Mirae Asset Financial Services (India) has inked a pact with FundsIndia to provide loans against securities on the FundsIndia platform through an entirely digital process.
“We have so far onboarded 400 plus mutual fund distributors as our channel partners and the business from them has grown significantly in the last quarter. I am confident that a large number of investors will take advantage and avail of loans against mutual funds/ shares to take care of their short-term money requirements. Currently, 30% of our clients are sourced by channel partners. I expect this number to go up significantly with partners like Fundsindia coming on board." said Krishna Kanhaiya, Chief Executive Officer, Mirae Asset Financial Services.
“This partnership marks a momentous milestone for both firms and is sure to benefit thousands of investors across India. Our collaboration will ensure that our investors can access credit facilities in a reliable and convenient manner," said Girirajan Murugan, CEO, FundsIndia said.
This credit facility is available on the FundsIndia investor platform and will soon be released on their partner platform as well. FundsIndia partners will also be able to offer the product to their investors digitally via the FundsIndia partner platform.
-As part of the deal, investors can pledge their mutual fund units of different asset management companies (AMCs) with both CAMS and KFintech – the Registrar & Transfer Agents (RTA) to avail loans against mutual funds.
-Customers can also pledge shares from a large list of approved shares held in a Demat account with NSDL only.
-The investors will get the option of creating an overdraft facility against their mutual funds and shares on the FundsIndia portal at 9%
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