Details of SBI's Loan Against Mutual Funds Scheme
Loan Amount - Minimum amount - Rs 25,000; Maximum loan - Rs 20 lakh in case of equity/hybrid/ ETF (exchange traded) mutual funds and Rs 5 crore in case of debt mutual funds.
Margin - For equity/hybrid/ ETF (exchange traded) mutual funds, an SBI customer can get up to 50 per cent of value of funds as loan. In case of debt mutual funds, the limit is 85 per cent.
Approved schemes: SBI on its website has given the list of mutual funds eligible for loan against mutual funds scheme.
Eligible Branches: SBI on its website has also given the list of branches that can offer this scheme.
SBI processing fees : 0.75% of the loan amount + applicable tax ( Under GST, banking and financial services have been kept under the 18 per cent slab)
Review/Renewal Charges (YEARLY): Rs 1000 + applicable taxes
Interest Rates: According to SBI's website, it is currently charging an effective interest rate of 11.15 per cent with a reset period of one year.