3 MinsMar 15, 2023
Most of us have been in a situation where we struggle to raise funds for financial emergencies. Even with no emergency, we might have to go for a planned loan to fulfil our future requirements. My story is no different. Recently, in order to fulfil
a certain financial obligation, and since I had a substantial corpus of investments, especially in mutual funds and stocks, I decided to avail
a Loan Against Securities.
I opened a LAS account with a leading private sector bank. I was aware of how this loan type works and its basic features. However, I wasn't too happy with the outcome and services offered by that lender. I eventually closed the account and moved
on to another bank. My expectations weren't met even with the other bank, as the procedures seemed tedious and complicated. I soon realized that switching banks didn't really help. Recently, when I needed funds, I wanted to opt for the LAS
facility, but I wasn't sure if I wanted to continue with my then-banker.
I have a friend who works with Axis Bank. When I discussed my requirement for a LAS facility against my equity holding, he informed me about Axis Bank’s 24x7 Loan Against Securities facility, which can be opened in just a few minutes. I
was a little stunned, but to help me further, he directed me to contact his teammate - Deepak.
I assumed there would be an in-person meeting with Deepak to complete the documentation the next day. However, to my surprise, he called and guided me about their digital process, which is available 24X7.
Deepak helped me select the equity stocks and mutual funds units I wanted to keep as collateral. The amount of my collateral came to around ₹12,00,000. The next step was to confirm the account details, charges and authorization process. In doing
so, I was supposed to receive an OTP on my registered mobile, which I then had to enter to confirm the loan.
Also Read: [Which Loan Against Security option is suitable for you?]
However, I faced one technical glitch since it was my old mobile number, but Deepak was cooperative throughout the process and helped me update my latest mobile number quickly.
The entire loan process took just 2 to 3 minutes, and I received a high-value loan, which was transferred to my account. This quick application and disbursement procedure was timesaving, user-friendly and easy, which allowed me to meet my finances
Since I had a tight schedule, getting an instant loan at an attractive interest rate was a huge relief. Additionally, Axis Bank’s LAS offered me an overdraft
facility, wherein I can avail this facility and pay interest only on the amount utilized and for the period in which amount was utilized.
The seamless and swift experience from the digital process and the quick and cooperative response from their customer support team has made me a loyal customer of Axis Bank. Therefore, I plan to close my account with the other bank and move to
Kudos to the entire team for such a wonderful and seamless experience.
If you ever face a similar situation where you need to raise money for an emergency need, you too can consider Axis Bank’s LAS and fulfil your urgent requirement effortlessly.
Features of Axis Bank Loan Against Securities (LAS)
Leverage your investments and serve your financial needs with Axis Bank's quick and secure 24x7 Loan Against Securities.
Key Features and Benefits:
- Enjoy an attractive interest rate of 9.99% for loans processed online.
- Loan against a wide range of collaterals.
- Pay interest only on the utilized amount.
- Get high-value loans, up to 85% of security value.
- Get access to overdraft facilities.
- Make part payment and prepayment of the loan without any additional charges.
- Enhance your drawing power by pledging more securities.
You can find out more about loan against securities interest rates online!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.