Jio Finance Launches Home Loans: Beta Mode Rollout

New Delhi, Aug 30 (PTI) Jio Finance Ltd, an NBFC arm of Jio Financial Services, on Friday said it is in the advanced stages of launching home loans, which have been rolled out in Beta mode.

Besides, the company is going to roll out other products like loans against property and loans on securities.

While addressing shareholders at the first annual general meeting (post listing) on Friday, the company's MD and CEO Hitesh Sethia said, "We are also in advanced stages of launching Home Loans, which have been rolled out in Beta mode, and other products such as Loan Against Property and Loan on Securities are in the pipeline".

Jio Finance Limited has already launched secured lending products in the market like supply chain financing, loans on mutual funds, and enterprise solutions for device financing, he added.

He said that the joint venture with BlackRock, the world's largest asset manager, will allow Jio Financial Services to bring world-class investment products to the people.

"While the initial JV was announced for an asset management company in July 2023, it was extended to wealth management and broking services in April 2024," Sethia said.

key leadership has been identified and development of the tech infra and go-to-market strategy are in advanced stages, he added.

This is a demonstration of the faith that both JV partners have in the prospects of the Indian market, at a time when the financialisation of household savings in India is growing at a rapid clip, he said.

Jio Insurance Broking Limited (JIBL), an insurance broking business, he said, has already tied up with 31 leading private and public sector insurance companies, and offers customers a comprehensive portfolio of life, health, motor, two-wheeler, fire and property insurance.

Jio Payments Bank has crossed 1 million CASA customers and is providing digital banking solutions to retail customers and small businesses, he noted.

The tech stack for the payments bank has been completely revamped and now a customer can open a savings bank account in under 5 minutes, completely digitally, he added.

JioFinance app, launched in beta mode on May 30, 2024, has crossed over 1 million downloads, he said, adding some of the services already live on the platform include loans on Mutual Funds, savings accounts, UPI, bill payment, digital insurance, and recharges.

Jio Financial Services, a core investment company carved out from Reliance Industries Ltd (RIL), is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.