October 17, 2023
admin
Jio Financial set to launch suite of loan products
JFS plans to launch auto, home loans and other products, as the company seeks to establish itself as a full-service financial services firm in a rapidly growing market.
Despite strong growth, penetration of financial investment products in India is low relative to the size of the economy. The company is looking to tap into this market after similar disruptive forays into the telecom and retail sectors.
JFS has already launched personal loans for salaried and self-employed individuals in the financial capital of Mumbai and consumer durable loans across 300 stores in India, it announced in a presentation to analysts late on Monday, offering a first glimpse into operational details that had largely been vague at the time of its listing in August.
It will now also launch business and merchant loans for self-employed individuals.
The company’s insurance broking arm has also partnered with 24 insurance companies, while its payments bank division, which relaunched savings account and bill payment services, plans to launch debit cards.
Relying on technology and AI to be its “growth differentiator”, the company is also working on an app to carry its products.
Jio Financial has tied up with U.S. asset manager BlackRock to launch asset management services in India
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