Mega Bank’s offering share loan at 8.5%; up to 50% financing

ShareSansar, December 03:

With the increasing amount of liquidity in the banking sector, now the commercial banks also searching a new opportunity for an investment in its approach. Mega Bank Limited (MEGA), one of the prominent commercial bank, has announced that it will offer share loan (margin lending loan) at 8.5 percent annual interest rate from today.

Mega Bank has come up with an attractive share loan scheme targeting investors in the stock market at just 8.5 percent annual interest rate. The rate offered by the Mega bank is proved to be very competitive and low in this sector among all the commercial banks of the country.

“We provide 50 percent loan of the share value on the basis of 180 days of weighted average price or the prevailing price, whichever is lower,” Anuradha KC of Mega Bank told ShareSansar. “It only takes maximum of five days of time period to process the loan.” she added.

The minimum amount of loan should be of Rs 1 lakh and maximum is Rs 1 crore figures. The tenure is of maximum 1 year period.

The loan administration fee is 1% of the loan amount.

Apart from this, the bank does not take any documentation or other hidden charges.

Another salient factor of the scheme is that you just have to pay the interest for the amount of the loan you spend, and not for the entire loan amount.