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Mirae Asset Financial Services (India) Pvt. Ltd. is a licensed Non-Banking Financial Company (NBFC) from the Reserve Bank of India. Users can use the app to avail Loan Against Securities (Shares/Mutual Funds) easily in 6 steps. 1. Register 2. Select type of Loan 3. KYC Verification 4. Select & Pledge Securities 5. Verify your Bank Account via E-mandate 6. Loan Agreement Signing.
Loan Against Securities is offered as an overdraft facility (revolving line of credit) after you have provided your securities as collateral. You can draw money as per your requirement and you pay interest only on the utilized amount and for the period you use it. Interest Rate starts from 9% to 15%. A processing fee of ₹2,000 + GST & Stamp Duty of ₹500 is charged at the time of loan booking.
Loan Against Securities Features
Annual Interest Rate (APR) = 9%
Maximum Annual Percentage Rate (APR) = 24%
Tenure = 12 Months
Minimum Period = 12 Months
Maximum Period = 12 Months
Processing Fee = ₹2,000 + GST
Stamp Duty = ₹500
Loan Against Securities (Example)
Principal Amount = ₹8,000
Annual Interest Rate (APR) = 9%
Tenure = 12 Months
Interest payable= (₹8,000 x 9%) / 12 Months = ₹60 per month ( Principal amt need to be repaid at the end of loan tenure )
Processing Fee = ₹2,000 + GST
Stamp Duty = ₹500
Total Loan Repayment Amount = ₹8,720* (including principal and interest)
Total Cost of Loan = Interest Amount + Processing Fees + Stamp Duty = ₹720 + ₹2,000 + ₹500 = ₹3,220
If a customer takes a loan of ₹8,000 for a period of 12 months, at an annual interest rate of 9% APR, then the customer will pay monthly interest for 12 months of ₹60 per month.
The total loan payment over 12 months will be ₹8,720* (including principal and interest). A processing fee of ₹2,000 + GST & stamp duty of ₹500 will be charged.
Note: Demo Account details provided in App Access section.
Refer to this link for Registration:
https://youtu.be/XD2amezKmSo
Homepage : https://www.miraeassetfin.com/
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