Jio Fin to enter secured lending
MUMBAI : Jio Financial Services Ltd on Monday unveiled its long-term strategy to position itself as a full-fledged financial services company by diversifying into secured loan products, including home and auto loans. In its half yearly results presentation to analysts, the firm said it has launched personal loans for the salaried and self-employed in Mumbai, besides consumer durable loans across 300 stores in India. The services are available on the MyJio app, it added.
The company also plans to offer loans against shares, and business and merchant loans for self-employed, sole proprietors and small businesses. In June, Mint had reported on Jio Financial Services ’ pilot for consumer durables financing across a few touchpoints in Mumbai. According to its presentation, it is looking at direct to customer distribution strategies to drive cost benefits.
The company is currently in the process of developing an app to meet the financial needs of its customers. The non-banking financial company has partnered with 24 insurance companies for its insurance broking business, offering both retail and group products. For payments bank vertical, it has relaunched fully digital savings accounts and bill payment products, and has built an on-ground network of 2,400 business correspondents.
It’s also planning to launch debit card offerings soon. Jio Financial Services will be a holding company, focusing on four business segments: borrowing, investing, transacting and insurance through its subsidiaries Jio Finance, Jio Insurance Broking, Jio Payments Bank, and Jio Payment Solutions. Besides, it is exploring opportunities to set up an asset management company along with Blackrock.
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