DhanLAP Mutual Fund Loan vs ICICI Mutual Fund Loans
DhanLAP is a prominent provider of loans against mutual funds and shares, offering customers the opportunity to leverage their investments for financial support. DhanLAP’s distinct features and competitive terms, making it essential for customers to understand the differences to make an informed decision. More than 10,000+ customers trust.
Comparison Between DhanLAP Mutual Fund Loan vs ICICI Mutual Fund Loans
| Category | DhanLAP - Loan against Mutual Funds | ICICI - Loan against Mutual Funds |
| Application process | • Applications for DhanLAP Loan against Mutual Funds is entirely digital and only takes 15 minutes to complete the application | • Applications for ICICI Loan against Mutual Funds can be made online with ICICI bank NetBanking username and password |
| Loan Amount | ₹25000 to ₹5Crore | ₹15000 to 1.5Crore |
| Rate of Interest | • Interest rates starts from 10% | • Starts from 8% p.a to 16% p.a |
| Processing Fee | • 1% of the loan amount plus applicable service tax | • 2% of the loan amount plus applicable service tax or Rs.1,000 (whichever is higher) + GST |
| Loan Tenure | 6, 12, 18 and 24 months & renewable thereafter | Up to 1 year only |
| Eligibility | • Applicant must be at least 18 years of age and not more than 75 years old. • Single mutual fund unit holders can borrow a loan. • Mutual funds units in CAMS, KFintech & in DEMAT are accepted |
• Applicant must be at least 18 years of age • Single mutual fund unit holders can borrow a loan • Mutual funds units in CAMS, KFintech & in DEMAT can get lending too |
| Credit Score | • No Credit Score Limit | NA |
| NRI Customers | • NRI customers with NRE and NRO accounts are eligible | NA |
| Loan to Value (LTV) Ratio | • Equity Funds: 50% of your mutual fund unit value • Debt Funds: 70% LTV |
• Equity Funds: Up to 65% of your equity mutual fund unit value • Debt Funds: 75% LTV |
| Prepayment charges | No Pre-payment penalty after first EMI payment | NA |
| Payment Options | • EMI Repayment: Pay a monthly instalment that is divided between interest and principal repayment. • Balloon Repayment: Pay only the loan interest every month and the principal amount at the end of the loan period. |
• EMI Repayment: Pay a monthly instalment that is divided between interest and principal repayment. • Balloon Repayment: Pay only the loan interest every month and the principal amount at the end of the loan period. |
| Documentation | • Fully Digital • Aadhaar number • PAN Number • Bank IFSC code • Bank Account number • Mobile number associated with your Aadhaar & Bank account |
• Aadhaar number • PAN Number • Bank IFSC code • Bank Account number • Mobile number associated with your Aadhaar & Bank account |
| Turnaround time | 15 Minutes | 4 Hours |
| Loan on all days | • Loan on all days, including saturday and sunday | • Monday to Friday. |
| Pros | • Comparatively lower interest rates • Lower Processing Fee • No prepayment charges after 6 months • Mutual Fund Loans can be availed as overdraft • Pay interest only on the used amount |
• Competitive interest rates • No prepayment charges • Mutual Fund Loans can be availed as overdraft • Pay interest only on the used amount |
| Cons | • The Minimum loan amount is higher | • Higher Interest Rates • Higher Processing Fee |
| Popular Products | • Loan against Mutual Funds • Loan against Shares |
• Loan against Mutual Funds • Loan against Shares • Loan against Bonds |
| List of Approved Schemes | All Equity Schemes | All Equity Schemes |
| Minimum Withdrawal Amount | • Minimum withdrawal amount is ₹1,000 | • Minimum withdrawal amount is ₹1,000 |
| Revolving credit | Available | NA |
| Loan Renewable | • Renewal available after the loan tenure | • Renewal available after the loan tenure |
| Annual Renewal Charges | NA | Rs. 999+GST |
| Stamp Duty Charges | ₹20 + GST | NA |
| ONE-TIME LIEN MARKING CHARGES | • CAMS Lien marking charges : ₹500 + GST • KFintech Lien marking charges: ₹300 +GST |
NA |
| Support | • Chat • Call • Mon to Sun. 9 AM to 9 PM |
• Mail • Call • Mon to Fri. 7 a.m. - 7 p.m. |
Note: The interest rates and features mentioned in the table above may change at the discretion of the service provider. All details shown above are stated on the relevant website as of March 1, 2024. Kindly check respective service provider website for any updated details.
Disclaimer: Display of any trademarks, trade names, logos, and other intellectual property belongs to their respective owners. The display of such intellectual property, along with related product information, does not imply DhanLAP's partnership with the owner of the intellectual property or the issuer/manufacturer of such products.
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