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.
At 2:10 PM, Jio Financial shares were trading 3.86% higher at ₹221.75 apiece on the BSE.
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