2 November 2026
4 mins read
Gratuity and pension are both retirement benefits. But they work very differently. Gratuity is a one-time lump sum your employer pays when you leave after five or more years of service. Pension is a regular monthly income you receive after retirement. One comes all at once. The other comes month after month. Knowing the difference helps you plan your finances better when you stop working.
MTF vs Loan Against Shares sounds like two paths to leverage, but they solve different problems. Margin Trading Facility finances the purchase of a new security: the investor pays a margin, and the broker funds the rest. Loan Against Shares works the other way. The investor already owns the shares and pledges them to a bank or NBFC to borrow money, without selling the holding. One creates a new market position, the other raises funds against a position that already exists. That single split shapes every difference between them, from how much can be borrowed to what happens if prices fall. This piece sets out how each one works, what each costs, and which fits a given need.
MTF lets an investor buy eligible shares by paying only the required margin, while the broker funds the rest. Only Group I equity shares and Group I equity ETFs qualify. The margin follows VaR plus a multiple of ELM, and funded shares sit under a pledge until the dues are cleared. Maintenance margin and mark-to-market rules continue while the funded position stays open.
Loan Against Shares works like a secured loan when the holding shares act as collateral and lets an investor pledge shares they already own to a bank or NBFC in exchange for a loan, without selling the holding. For scheduled commercial banks, RBI caps such loans against demat equity at ₹20 lakh, with a loan-to-value limit of 75%. NBFC lending against listed shares carries no such fixed cap, but a lower 50% loan-to-value limit.
MTF vs Loan Against Shares differs in what starts the borrowing, who provides it, and how risk gets measured. The table below sets these out side by side.
| Parameter | MTF | Loan Against Shares |
|---|---|---|
| Purpose | Finance a new securities purchase | Borrow against shares already owned |
| Provider | Eligible stock broker | Bank, NBFC or other regulated lender |
| Creates new exposure? | Yes | No |
| Risk measure | VaR + ELM margin | Loan-to-value ratio |
| Typical limit | Margin varies by security and category | SCB: 75% LTV, ₹20 lakh cap; NBFC: 50% LTV, no fixed cap |
| Collateral | Funded shares, pledged under MTF rules | Existing shares, pledged to the lender |
| Price fall risk | Maintenance margin shortfall, margin call | LTV breach, collateral shortfall |
| Forced action | The broker can liquidate for unmet margin calls | The lender can invoke the pledge for unmet terms |
| Usage of Funds | Can only be utilised to take a trade | Personal Expenses |
MTF fits a situation where the goal is buying more shares than available cash allows, not raising money from shares already held. An MTF calculator can help estimate the margin, the funded amount, and the rough funding cost before the trade goes through.
The stock has to qualify. Only Group I equity shares and Group I equity ETFs are eligible under the current framework.
Margin does not stop at the start. Maintenance margin and mark-to-market rules continue for as long as the funded position stays open.
A price fall hits harder than it looks. A stock bought for ₹100,000 with a ₹30,000 contribution that drops 10% wipes out ₹10,000, a third of the original stake. This example is illustrative only.
Loan Against Shares fits a situation where the goal is raising cash without selling an existing holding, not buying more shares.
Personal needs count. RBI lets banks lend against shares for emergencies, personal needs, rights issues, and buying more shares in the market.
A pledge is not a sale. The shares stay in the investor's name unless the lender later invokes the pledge under the loan terms.
Price drops still matter. NBFC lending against listed shares requires a 50% loan-to-value ratio, and a shortfall from falling prices must be restored within seven working days.
An employee must complete at least five continuous years of service with the same employer under the Payment of Gratuity Act, 1972.
Yes. Employees who meet the eligibility conditions for both can receive gratuity as a lump sum and pension as monthly income at the same time.
EPS monthly pension equals Pensionable Salary multiplied by Pensionable Service, divided by 70. A minimum of 10 years of contributory service is required.
Not always. Government employees get full exemption. For private sector employees, the exemption is limited to ₹20 lakh under Section 10(10) of the Income Tax Act, 1961.
Typically needed are a gratuity claim form (Form I), employee ID proof, a service certificate from the employer, and bank account details for payment.
Under EPS, your pension account is linked to your Universal Account Number (UAN), which stays the same across employers. Contributions carry forward when you change jobs.
No. Gratuity is a one-time lump sum paid by the employer for long service. Pension is a regular monthly income paid after retirement. Both serve different purposes.
Under EPS, an employee with at least 10 years of contributory service who has reached 58 years of age is eligible for a full monthly pension.
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