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Home Asian Business

You have shares in demat account: This company is providing loan facility on shares

by Chandler
November 19, 2022
Reading Time: 4min read
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Mire Asset Financial Services launches loan facility against shares- Mire Asset Group’s NBFC arm Mire Asset Financial Services has launched loan facility against shares.

Mire Asset Financial Services (MAFS), an NBFC and a subsidiary of Mire Asset Group, has introduced Loan Against Shares (LAS) facility on 16th November 2022. Loans will be available to all users with NSDL-registered demat accounts through the MAFS mobile application.

Mire Asset Financial Services is the first company to offer end-to-end digital loans against shares.

Customers with NSDL demat accounts can pledge their equity investments online up to Rs. 10,000 to Rs. A LAS limit of up to one crore can be availed. Customers can pledge from a large list of approved equities and open a loan account on the same day.

This loan will be made available in the form of overdraft facility. Customers will be able to withdraw the required amount through the mobile app whenever and wherever they need. On withdrawal, the amount will be directly credited to the customer’s bank account on the same day. The interest rate of nine percent per annum will be applicable only for the amount availed and for the period availed.

Users can apply for LAS limits through the mobile application, withdraw and pay the required amount, close the loan account and complete many other activities directly online.

Earlier, customers were often frustrated by the cumbersome application process and the long time it took to create a loan account. Mirre Asset Financial Services’ online loan facility against mutual funds has been well received and now aims to expand this facility further by adding loan against shares. Providing the ability to avail loans against shares on the same day without the hassle of paperwork is a key factor in the brand’s efforts to promote the product.

Speaking on the presentation, Mr. Krishna Kanhaiya, Chief Executive Officer (CEO) Mirae Asset Financial Services (India) said, “In our product portfolio in collaboration with NSDL, shares against The addition of digital loans is an encouraging step.

Thanks to NSDL’s technology initiatives for enabling us to get same day loan against shares by customers by pledging their shares online. We have received encouraging response for loan facility against mutual funds introduced by the company earlier

And I am confident that loans against shares will give our customers more options to manage their unplanned and short-term expenses. The growing retail market of share investors makes LAS products even more important as they allow investors to protect their investments and provide liquidity to simultaneously manage short-term expenses such as travel, medical expenses, home repairs, etc.”

Ms. Padmaja Chunduru, MD & CEO of National Securities Depository Ltd (NSDL) said, “NSDL is a technology enabler and facilitator for the Indian securities market. Our technology And we ensure that API stacks facilitate market participants and investors with ease of operation and business.

The technology collaboration implemented between NSDL and Mirre Asset Financial Services (MAFS) for Digital LAS offers a unique product proposition for demat account holders of NSDL to avail loans against securities in digital medium, in a very short time. From the loan origination process, to the pledging of securities in the demat account and disbursement of the loan,

The entire process is fully automated and digitized. NSDL demat account holders who need instant and quick loans for their personal needs or even emergencies can now go beyond traditional means and avail it through digital means. Even when securities are pledged in a demat account for LAS facility, the demat account holders are entitled to and can avail the corporate benefits of their pledged shares.”

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Tags: accountcompanydematfacilityloanprovidingshares

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