I want to invest in RGESS Mutual Funds and avail tax deduction. Suggest some schemes. Also, I have recently came to know about loan against mutual funds. Can you please suggest me some schemes that will qualify for loans?
Here is list of schemes covered under Rajiv Gandhi Equity Savings Scheme (RGESS).
You can approach a bank or NBFC for a loan if you have investments in mutual funds. The amount of loan would depend on the type of fund you have and the value of your investment. Equity funds qualify for loans as much as 50 per cent of investment value. However, you have to check with the bank whether your mutual fund and the scheme qualify for a loan. The interest on such loans would be a little lower than personal loans.