Jio Finance now offers loans against shares in 10 minutes
What's the story
Jio Finance Limited (JFL), a subsidiary of Jio Financial Services, has introduced a digital Loan Against Securities (LAS) service.
The new offering allows customers to borrow up to ₹1 crore against their investments, including shares and mutual funds.
The loans are offered at interest rates starting at 9.99%, with a maximum tenure of three years and no foreclosure charges. JFL promises to process the loans in just 10 minutes.
Statement
Here's what the company said
JFL's customers can use their investments to avail these loans at competitive interest rates, all through a fully-digital process.
"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, JFL's Managing Director and CEO.
Stats
Recent investment and financial performance
In a recent development, Jio Financial Services invested ₹1,000 crore in JFL by subscribing to equity shares. The investment will help JFL run its business.
On the financial front, Jio Financial Services posted a consolidated net profit of ₹295 crore for Q3 FY25, almost flat from the same quarter last year.
However, on a sequential basis, net profit fell 57% from Q2 FY25 while revenue declined 37% from the July-September quarter.