Jio Financial Services Limited, has expand its loan services by introducing loans against securities. In a statement, the employer said that the new providing will allow customers to leverage their investments, includes shares and mutual funds, to avail loans of as much as INR 1 Cr with interest rates beginning at 9.99%. The company claimed that the complete procedure would be digital and the loan can release in 10 minutes.
Jio Financial Services Provide Loan against Securities
Jio Financial Services said that the loan may be availed through the JioFinance app and could have a tenure of up to a few years without foreclosure fees. Currently, fintechs like Groww, Zerodha, PhonePe, Paisabazaar, Dhanlap, 50Fin, Volt Money, amongst others, offer loans towards securities in India.
Besides, banks like IDBI Bank, Federal Bank, Kotak Mahindra Bank, and SBI also provide loans towards shares and mutual budgets. The new offers comes a few days after Jio Financial Services (JFS) infused INR 1,000.24 Cr (about $117 Mn) in Jio Finance Limited and make bigger its services.
JFS’ Expanding Fintech Play
Jio Financial Services is actively strengthening its presence in the fintech region through a series of investments, acquisitions, new services, and partnerships. JFS MD and CEO Hitesh Sethia, throughout the Q3 analyst name, cautioned that the NBFC plans to drive its loan growth by each inner and outside partnership. Last month, the agency acquired a 100% stake in its subsidiary Jio Payments Bank by buying the complete stake of SBI for INR 104.54 Cr.
The company has also partnered with BlackRock to go into the mutual budget area under Jio BlackRock Asset Management. In January this year, the companies introduced a cumulative investment of INR 117 Cr in the project.
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