Learn how to check your eligible loan amount against SBI Mutual Fund online using the YONO SBI app. Follow this simple step-by-step overdraft eligibility guide.
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Did you know that your investments in SBI Mutual Funds can help you get immediate emergency funds without having to redeem your units?
Many investors are unaware that State Bank of India allows you to pledge your mutual fund folios to avail an instant digital overdraft or loan. By pledging your units, your wealth continues to stay invested and grow in the market while fulfilling your short-term liquidity needs.
If you are an active investor in SBI Mutual Fund (SBIMF) and want to know how much loan limit you are eligible for, you can check it in just a few taps using the YONO SBI mobile application.
Here is a complete, step-by-step tutorial on how to check your eligible loan amount against your SBI Mutual Fund online.
Prerequisites Before You Begin
To check your loan eligibility smoothly, ensure you have:
a) The YONO SBI application installed and registered on your smartphone.
b) Your Aadhaar/PAN-linked mobile number active to receive OTPs.
c) Mutual fund investments held with SBI Mutual Fund (serviced via CAMS) under the same PAN linked to your SBI savings account.
Step-by-Step Process to Check Loan Eligibility in SBI Mutual Fund via YONO:
Open the YONO SBI app on your device and log in securely using your 6-digit MPIN or Internet Banking credentials.
2. Navigate to the Loans Section
On the home dashboard, tap on the Loans menu and select the Manage Loan option.
3. Select Loan Against Mutual Fund
Your active loan summary will appear on screen. Look for and tap on the Loan against Mutual Fund option.
4. Proceed to Avail Overdraft Facility
You will see a three-stage overview explaining the facility. Tap the Avail Overdraft Facility button to proceed.
5. Review Personal Details and Accept Declarations
Verify your details displayed on the screen (Name, DOB, PAN, and Mobile Number).
Tick the checkboxes for both mandatory declarations:
a) General purpose other than speculative
b) I authorize SBI to share mobile number and PAN with CAMS to fetch fund details
Then, tap the forward arrow / Next button next to "Verify Email ID".
6. Enter the Mobile OTP
An OTP will be sent to your bank-registered mobile number. Enter the OTP in the box provided and tap Submit.
A prompt stating "Fund details fetched" will pop up confirming your mutual fund portfolio has been retrieved.
7. Verify Registered Email ID
Review your registered email address shown on the screen and tap on Verify Email ID to authenticate the request.
8. View Your Eligible Loan Amount
The final screen will display your current mutual fund balance, along with your minimum and maximum eligible loan (overdraft) limits.
Key Benefits of a Loan Against SBI Mutual Fund (LAMF)
1. No Need to Liquidate: You don't have to exit your equity or debt funds during bad market conditions.
2. Pay Interest Only on Usage: Since this functions primarily as an overdraft facility, interest is charged only on the exact amount you withdraw, for the number of days you utilize it.
3. 100% Digital Process: No physical paperwork, branch visits, or lengthy processing queues.
4. Lower Interest Rates: Because this is a secured credit facility against liquid investments, interest rates are typically lower than personal loans or credit card advances.
Frequently Asked Questions (FAQs)
1. Does checking my eligible loan amount affect my CIBIL score?
No, simply fetching your eligible loan limit based on your mutual fund valuation does not impact your credit score.
2. Can I take a loan against all types of mutual funds?
Generally, both equity and debt schemes eligible under CAMS/SBI approved lists qualify. However, locked-in funds like ELSS (during their 3-year mandatory lock-in period) cannot be pledged.
3. How much loan can I get against my SBI Mutual Fund?
The loan-to-value (LTV) ratio typically ranges between 50% for equity schemes and up to 80%–85% for debt/liquid schemes, subject to bank guidelines.
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