Jio Finance Limited forays into Digital Loan Against Securities

Jio Finance Limited (JFL), the NBFC arm of Jio Financial Services Limited, has introduced fully digital Loan Against Securities (LAS) for its customers. The LAS offering from JFL is a secured lending product that allows customers to leverage their investments, such as shares and mutual funds, to avail loans at competitive interest rates, all within just ten minutes through a completely digital process.

Available through the JioFinance app, a one-stop destination for seamless and digital-first financial services, LAS - comprising Loan Against Shares and Loan Against Mutual Funds - is designed to meet the financial needs of customers, without requiring them to sell their securities. Customers can avail loans up to Rs. 1 crore with interest rates starting at 9.99%, tailored to their individual risk profile. These loans are for a maximum tenure of up to three years, with no foreclosure charges. By choosing LAS on the JioFinance app, customers gain convenient access to short-term funds, while keeping their long-term investment growth on track.

"The launch of Loan Against Securities is part of our comprehensive digital strategy aimed at transforming the way customers access and interact with financial services. With a strong focus on innovation and user experience, this launch is a significant step in our mission to make financial services more accessible, efficient, and customer-centric," said Kusal Roy, Managing Director and CEO, Jio Finance Limited.

JFL is pioneering a customer-first journey by empowering customers with quick and flexible access to capital through diverse lending solutions, including home loans, loan against property, and corporate financing, all conveniently accessible via the JioFinance app. The JioFinance app also offers a comprehensive suite of financial services, such as UPI payments, money transfer, savings accounts, digital gold, insurance, and investment portfolio tracking.

Shares of Jio Financial Services Limited was last trading in BSE at Rs. 224.80 as compared to the previous close of Rs. 213.50. The total number of shares traded during the day was 1301363 in over 10415 trades.

The stock hit an intraday high of Rs. 225.45 and intraday low of 216.60. The net turnover during the day was Rs. 287745062.00.

Source : Equity Bulls

Keywords

JioFinancialServices INE758E01017 NBFC JioFinance Digital LoanAgainstSecurities