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Frequently asked questions
What is a loan against Mutual Funds?
- Borrow against your mutual fund investments without losing ownership or benefits.
- Instant credit line via Volt Money with digital lien marking of mutual funds.
- Repay anytime with no prepayment charges; interest is charged only on the withdrawn amount.
- Available for mutual funds registered with CAMS & KFintech.
- Ideal for expenses like travel, gadgets, balance transfers, or medical emergencies.
What are the eligibility criteria for getting a loan from Volt Money?
- You should be between 18 and 70 years of age.
- Your eligible credit limit should be at least ₹ 10,000.
- Debt & ELSS funds (units held for more than 3 years) are also eligible for loans against mutual funds.
- Joint mutual funds in AS / ES (anyone survivor / either or survivor) mode of holding are also eligible for loan against mutual funds.
- You should be an Indian resident.
- Minimum credit score and income proofs are not required.
How much money can I borrow as a loan?
- You can set up a credit line amount ranging from ₹ 10,000 to ₹ 5 crore with Volt Money. Yes! You read it right, you can avail of a credit line of up to ₹5 crore digitally in 5 minutes.
How do I check my limit with Volt Money?
- Click on the "Check eligibility in 15s" button.
- Enter the mobile number and PAN linked to your mutual fund investments.
- Enter the OTP received from MFCentral on your registered mobile number.
- We will calculate and show the maximum credit limit that can be availed against your mutual fund investments.
Do I need to upload CAS to get my limit?
- No, Volt Money provides a seamless experience to check eligible credit limits available against your mutual fund portfolio. You don't need to upload any documents.
Which mutual fund schemes are eligible to take loans?
- Volt Money's loan against mutual funds is available for more than 8000+ mutual funds offered by various asset management companies (AMCs)in India. However, please note that ELSS tax saving funds with a date of purchase of less than 3 years (not matured) are not eligible for the loan.
Can I lien mark any mutual fund units of my choice?
- Volt Money offers complete flexibility when it comes to choosing the mutual fund units you want to lien mark for setting up the loan limit. You have the freedom to change the schemes and units according to your preferences and create your own allocation for lien marking.
What are the interest rates and other charges?
- At Volt Money, interest rates range from 10.49% to 12%, depending on the borrower's credit profile. The processing fee starts from ₹999 and may vary, depending on the loan amount and applicable state stamp duty.
Do I have to pay interest on the complete line amount?
- No, you do not have to pay interest on the complete line amount.
- Volt Money provides complete flexibility for the customer, and interest is only charged on the amount withdrawn.
- Interest is calculated daily based on the loan outstanding at the end of each day. Let's look at a couple of scenarios to explain:
- If the loan amount at the end of the day is zero, no interest will be charged for that day.
- If an amount is withdrawn, used and repaid within 10 days, you will only be charged interest for the 10 days of utilization.
Can I choose any date for my monthly loan repayment?
- Yes, the credit line facility offers 100% flexibility for principal repayment but the interest must be paid on specific mandate dates.
What are the documents required?
- The whole process is 100% digital, hence you don't need any document in physical form. For quick processing, please keep below handy:
- PAN and Aadhar card number
- Your mobile number linked with mutual fund investments
- Bank account details for account verification and receiving the loan amount
- Debit card or net banking details for setting up the mandate.
What is lien marking/pledging of Mutual Funds?
- When you take a loan against your mutual funds, we lien mark/pledge your mutual fund units in the name of the lender, so that it cannot be redeemed/sold until you pay back the loan. The lien marking process is done 100% digitally and in real time.
When will my funds be unlienmarked?
- You have the flexibility to request the removal of the lien from your mutual fund units at any time. Depending on your current loan amount and utilization, you can choose to remove the lien from specific mutual fund units or from all the units you have pledged.
How to update your mobile number or email address in your CAS?
- You can change your email/mobile number through MFCentral. Steps to change email/mobile number:
- Sign up at MFCentral
- Put a service request to change your mobile number or email address linked to your investments.
- MFCentral will update the email/mobile number on your behalf within 1-2 days.
