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Mirae Asset Financial Services, a subsidiary of Mirae Asset group has entered the lending business by launching loan against mutual funds (LAMF).
The company has introduced a mobile app through which investors can avail LAMF facility within minutes. Customers can avail of instant LAMF ranging from Rs 50,000 to Rs.3 crore by pledging their mutual fund units.
In a press release, Krishna Kanhaiya, CEO, Mirae Asset Financial Services said “We want to make a mark in the lending business by following our core value of customer first. Keeping this in mind, we have launched LAMF via a mobile app where customers can raise liquidity within 15 minutes. Most investors redeem their investments done for long-term goals to meet short-term needs like managing liquidity in business, house renovation or medical emergencies which is fundamentally incorrect. We want to help customers by providing access to funds whenever they need them.”
Krishna told Cafemutual that the company will start tying up with mutual fund distributors to expand its reach.
Swarup Mohanty, Director, Mirae Asset Global Investments (India) said “With digital LAMF as the first product, the aim is to ensure that the customers have access to funds when they need them in a convenient manner. This also helps customers to manage their finances better as it is a good option to cater to their short-term needs and continue to stay invested for their long-term goals.”
