Jio Financial Services has announced a new offering for its customers. The platform will now provide e-loans of up to Rs crore within 10 minutes for its customers. Post this announcement was made public, the share prices of the company witnessed a rise in the stock market. The service is being offered by : Jio Finance Limited (JFL), the NBFC arm of Jio Financial Services Limited.
The loans will be offered against security provided by the customers. The fully digital Loan Against Securities (LAS) offering 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, said the company in a filing.
How to Avail e-Loans of up to Rs 1 Crore by Jio Financial Services
To avail the facility, users will first have to download the JioFinance App from App Store for iPhones or Play Store for Android users. There are two kinds of Loan Against Securities that customers can opt for namely Loan Against Shares and Loan Against Mutual Funds. The company adds that the solution is designed to meet the financial needs of customers, without requiring them to sell their securities.
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“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.
Consumers will be able to avail a loan amount of Rs 1 crore with interest rates starting at 9.99%, depending on the risk profile of the individual applying for the loan. The loan amount will be offered for a maximum tenure of up to three years, with no foreclosure charges. Jio Financial Services adds in its statement that by choosing LAS on the JioFinance app, customers gain convenient access to short-term funds, while keeping their long-term investment growth on track.
Other Loans Offered by JioFinance App
Apart from the Loan Against Securities, customers can also avail home loans, loan against property, and corporate financing through the JioFinance App. In addition to loans, the JioFinance app also offers a suite of financial services, such as UPI payments, money transfer, savings accounts, digital gold, insurance, and investment portfolio tracking.
