1 week Ago By Moneycontrol
The shares of Jio Financial Services surged nearly 6 percent on April 8 after the company announced foray into digital loans against securities through one of consumer-facing subsidiaries Jio Finance. The shares of the company ended as the top gainer on the Nifty 50 index, at Rs 225 apiece. In an exchange filing, the company said Jio Finance has introduced fully-digital Loan Against Securities (LAS), through which customers will be able to leverage investments in equity shares and mutual funds and avail loans at competitive interest rates.
Jio Financial said this would allow its customers to get loans of up to Rs 1 crore in just 10 minutes through the Jio Finance App. The maximum tenure for the loans is three years, and no foreclosure charges will be applicable. "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 company said.
Also read: Jio Financial invests Rs 1,000 crore in arm Jio Finance via equity Speaking on the launch, Jio Finance Managing Director and CEO Kusal Roy said, "...
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." Jio Financial shares have strongly recovered in past one month, after hitting a 52-week low of Rs 198.
65 apiece on March 3. Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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