Yes Bank has launched ‘Loan against Securities’, a unique solution enabling customers to lien mark their mutual funds digitally and avail quick and hassle-free loans. Called ‘Loan in Seconds’ platform, the system allows customers to set an instant credit limit against securities held. They can then avail a loan digitally without any additional documentation from the safety and comfort of their homes. The platform, using its algorithm processes the loan application digitally in real time, which would usually take 3-5 days, thereby resulting in a seamless customer experience. Customers can avail the facility from the bank’s website and lien mark mutual funds with KFin Technologies as the registrar, check the terms and authenticate the request for enabling instant limit setting. Yes Bank is the first bank to tie-up with KFin Technologies for online lien marking of mutual funds. Loans up to Rs. 1 crore can be availed against debt mutual funds, while loans can also be obtained against equity mutual funds. Rajan Pental, Global Head – Retail Banking, Yes Bank, said the solution provides a differentiated banking experience to customers as the limit is set up instantly in a completely paperless and hassle-free manner.
