Get Yes Bank loan in seconds! Digital ‘Loan against Securities' launched
Yes Bank on Monday launched digital ‘Loan against Securities’ scheme, a unique solution enabling customers to mark their mutual funds digitally and avail quick and hassle-free loans.
Yes Bank on Monday launched digital ‘Loan against Securities’ scheme, a unique solution enabling customers to mark their mutual funds digitally and avail quick and hassle-free loans. 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.
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.”
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Key benefits of this Yes Bank move are as below:
1] Instant availability of funds in account within minutes;
2] Loan up to Rs. 1 crore against debt mutual funds;
3] Available against both Debt and Equity Mutual Funds;
4] Customer retains mutual fund portfolio without liquidation; and
5] Interest applied only on the amount utilized for the number of days of utilization.
Key features of this Yes Bank solution are as below:
1] First Bank to tie-up with KFin Technologies for online lien marking of mutual funds;
2] Completely digital and seamless for customers, wherein the limit would be set in their account in few minutes;
3] No additional documentation required; and
4] Two validations from the Bank and two validations from KFin Technologies to ensure safety.
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