Jio Financial Expands into Auto and Home Loans, Aims for Comprehensive Financial Services Role

17 Oct 2023 , 02:14 PM

Jio Financial Services (JFS), backed by Mukesh Ambani, is expanding its offerings to include auto and home loans, aiming to become a comprehensive financial services provider in India. Despite substantial economic growth, India’s financial investment product penetration remains low, making it an attractive market for JFS.

JFS has already introduced personal loans in Mumbai and consumer durable loans across 300 Indian stores. It now plans to launch business and merchant loans for self-employed individuals. The company’s shares initially rose by 3.7% in early trading but settled at a 2% gain. Jio Financial, which partnered with BlackRock for asset management services, initially listed at a significant discount and had fallen by about 14% by Monday’s close.

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