Jio Finance Enters Digital Loan Against Securities Market
The NBFC division of Jio Financial Services, Jio Finance Limited (JFL), disclosed that it is entering the digital Loan Against Securities (LAS) market.
In less than 10 minutes, the Reliance-back firm is expected to provide secured loans up to Rs 1 crore.
Through a fully digital approach, customers are said to be able to use their investments—such as stocks and mutual funds—to obtain loans at attractive interest rates in as little as 10 minutes.
With interest rates as low as 9.99 percent and a maximum term of three years, customers will be able to obtain loans up to Rs 1 crore with no foreclosure fees.
“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.
Jio Financial Services recently revealed that it has invested Rs 1,000 crore in its fully-owned subsidiary, Jio Finance. 1,73,77,412 equity shares were subscribed for at a cost of Rs 10 each in order to make the investment. Jio Finance plans to use the money to assist its business activities.
According to the firm, this transaction is categorized as a related party transaction as it involves the company and its wholly owned subsidiary (WOS).
The company stated that the transaction was carried out at arm's length.
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Q3 Earnings for Jio Financial Services For the quarter ending December 31, 2024, the company reported a total net profit of Rs 295 crore, which was almost unchanged from Rs 294 crore in the same period the previous year. In Q3FY25, total revenue was Rs 438 crore, up six percent from Rs 414 crore in the same quarter last year. Sequentially speaking, however, revenue decreased 37 percent from Rs 693 crore in the July–September quarter and net profit fell 57 percent from Rs 689 crore in Q2FY25.