Jio Financial Services, led by Indian mogul Mukesh Ambani, has ventured into the personal loan arena.
The company announced the launch of personal loan services through the My Jio app, expanding consumer durable loans to 300 offline stores.
My Jio, a super app under Reliance Industries’ telecom business, serves over 25 million monthly active users, surpassing Paytm’s 27.9 million and PhonePe’s 39 million users.
Jio Financial is also developing plans to offer loans to self-employed individuals, with a focus on extending personal loans to small businesses and sole proprietors.
Moreover, the company is working on loan schemes that involve share pledges, along with auto and home loans.
Jio Financial has been emphasizing merchant payments and is in the process of creating a transaction confirmation sound box or speaker.
In this sector, Paytm and PhonePe lead the Indian market. Reliance’s financial services arm, Jio Payments Bank, has relaunched its savings account
and bill payment services, hinting at a possible debit card launch in the near future.
Jio Financial has established partnerships with 24 insurance companies, including life, general, and health insurance providers, and is actively pursuing opportunities in the insurance brokering business, competing with industry giants like Policy Bazaar.
Additionally, Jio Financial has applied for a general insurance license and is developing a unified digital platform that consolidates all Jio services under a single app.
