Non-banking financial company Mirae Asset Financial Services, a subsidiary of Mirae Asset Group, entered the lending business with Mutual Fund Lending (LAMF) as its first product.
The company has introduced an online mobile application through which consumers can avail LAMF facilities within minutes.
Mirae Asset Financial Services says it is one of the first end-to-end digital and paperless LAMF offerings.
The loan will be made available in the form of an overdraft facility. Customers can withdraw the required amount through the mobile app whenever and wherever they need. Upon withdrawal, the amount is credited directly to the customer’s bank account on the same day.
Users can apply for the LAMF limit, withdraw and repay the required amount, lock the loan account and perform many other activities online through the mobile app.
Speaking at the launch of Mirae Asset Financial Services (MAFS), Krishna Kanhaiya, CEO, said, “We want to stand out in the lending industry by following our core customer value first. Keeping this in mind, we launched LAMF through a mobile app where clients can raise cash within 15 minutes. Most investors redeem their investments made for long-term goals to meet short-term needs like business cash management, home renovations, or medical emergencies, which is fundamentally wrong.”
Customers can benefit from an instant LAMF limit from ₹50,000 to ₹3 crore per lien marking their mutual fund investments. Clients can mark a lien from a list of approved equity and debt mutual funds at multiple Asset Management Companies (AMCs) serviced by Registrar and Transfer Agents (RTAs) – CAMS and KFintech.
Swarup Mohanty, Director of Mirae Asset Global Investments (India), said, “With the digital LAMF as the first product, the goal is to ensure that clients have access to funds when they need them conveniently. It also helps clients better manage their finances, as it is a good option to meet their short-term needs and continue to invest for their long-term goals.”
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