Paytm Money offers loans against stocks and mutual funds

Paytm Money plans to introduce loans against stocks and mutual funds. In September 2017, the fintech major launched a direct mutual fund platform. In February, he reported investments worth 5,000 crore rupees through his platform. The company started direct equity trading for its clients in September.

Varun Sridhar, CEO of Paytm Money, said in an interview, “The platform has seen investors shift some of their allocations from mutual funds to equity trading. There has also been an increase in average SIP amounts this year, particularly from more experienced investors, ”the Mint reported.

He added: “As a direct distributor of mutual funds and a leading wealth platform, managing short-term liquidity needs or unforeseen expenses of clients is our priority. We are therefore considering and studying the launch of a simple loan on securities products involving both UCITS and invested shares. The key is a few clicks experiences, lower pricing than unsecured loans, and a flexible product. “

In June, Paytm Money rival Kuvera unveiled a loan against mutual funds.

An interest rate of 10.5% is charged in addition to the fee of Rs 1,999 for these types of loans. The loan amount is a percentage of the mutual fund’s investment and varies depending on the type of mutual fund held, according to information available on Kuvera’s website.

Read all Latest news, latest news and Coronavirus news here

Source link

About Shelly Evans

Check Also

Cannabis funding REIT AFC Gamma sets terms for $ 100 million IPO

AFC Gamma, a new commercial mortgage REIT focused on the cannabis industry, announced the terms …

Leave a Reply

Your email address will not be published. Required fields are marked *