Jio Financial share price jumped over 3% on Tuesday after the company announced that its subsidiary introduced fully digital Loan Against Securities (LAS) for its customers. Jio Financial Services shares rallied as much as 3.93% to ₹221.90 apiece on the BSE.
Jio Finance Limited (JFL), the NBFC arm of Jio Financial Services, has introduced fully digital Loan Against Securities (LAS) which 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, Jio Financial Services said in a regulatory filing on April 8.
The LAS facility will be available through the JioFinance app, and comprise Loan Against Shares and Loan Against Mutual Funds.
Customers can avail loans up to ₹1 crore with interest rates starting at 9.99%, tailored to their individual risk profile. These loans are for a maximum tenure of up to three years, with no foreclosure charges, the company said.
“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 Stock Price Trend
Jio Financial share price has fallen 27% on a year-to-date (YTD) basis, while the stock is down more than 35% in six months. The shares of Reliance Industries-owned Jio Financial Services have declined 40% in the past one year.
At 2:10 PM, Jio Financial shares were trading 3.86% higher at ₹221.75 apiece on the BSE.
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