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HDFC Bank launches ‘loans against MFs’ product

HDFC BankHDFC Bank has launched Digital Loans against Mutual Funds (LAMF), a first of its kind service. The facility, introduced in partnership with transfer agents CAMS, will enable customers to pledge mutual fund assets online and get overdraft limit set in their account in under 3 minutes. The service is available through the bank’s website and resident Indians can make use of the facility against mutual funds held by them individually. The bank said it has collaborated with CAMS to create a seamless customer experience. It is open to all HDFC Bank customers holding assets in at least one of the 10 mutual fund houses registered with the CAMS. These 10 fund houses together constitute about 60% of the total assets under management of the industry. According to Arvind Kapil, group head – Unsecured Loans, Home and Mortgage Loans at HDFC Bank, LAMF is an industry first innovation and takes customer convenience, flexibility and access to greater heights. In emergencies, customers will not be forced to liquidate assets at less than optimal market conditions and they can instead design their own loan to tide over the cash crunch, he added.

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