Jio Financial prioritises secured loans as it builds toward unsecured credit

Jio Financial Services will scale lending against property and securities before entering unsecured credit. Jio Credit’s AUM reached ₹25,711 crore, while the group has approved up to ₹15,000 crore in FY27 NCD fundraising to support expansion.

— Source publishedMon, 3 Aug, 2026, 22:03 IST·First seen Mon, 3 Aug, 2026, 22:10 IST·Source Mint

What happened

Jio Financial Services · Jio Financial will prioritize loans against property and securities before entering unsecured credit. Its FY26 report highlighted

Key facts

  • Jio BlackRock AUM: ₹16,712 crore at FY26-end
  • Jio Credit AUM: ₹25,711 crore
  • Jio Insurance Broking premiums facilitated: ₹982 crore
  • FY26 core business income: ₹1,390 crore, up 272% YoY
  • FY26 consolidated operating income excluding dividends: ₹3,274 crore, up 78%
  • June-quarter FY27 consolidated net profit: ₹325 crore
  • Jio Credit NCD issuance in June: ₹1,500 crore
  • FY27 approved NCD fundraising limit: ₹15,000 crore
  • GIFT City FY26 gross reinsurance premiums: $607.96 million

Why this matters

The expanding secured lending platform creates partnership opportunities with property, wealth, merchant-acquiring and retail-finance players ahead of Jio Financial’s eventual move into unsecured credit.

What to watch

  • Actual NCD issuance amount, coupon rates, maturities and subscription quality versus the ₹15,000 crore FY27 approval.
  • Quarterly AUM growth, mix of property-backed versus securities-backed lending, and disbursement run rate.
  • Net interest margin, cost of funds, capital adequacy and liquidity indicators as leverage rises.
  • Gross and net NPA trends, provisioning, loan-to-value levels and collateral-concentration disclosures.
  • Any announcement of unsecured personal, consumer-durable, merchant or small-business credit products.
  • RBI regulatory developments affecting NBFC funding, digital lending, related-party distribution or unsecured-loan risk weights.
  • Issue NCDs in tranches aligned with loan disbursement rather than drawing the full approved capacity at once.
  • Expand loan-against-property, loan-against-securities and other collateral-backed products through digital onboarding and partner distribution.
  • Build collateral valuation, collections, fraud controls and borrower-behaviour models to support eventual unsecured underwriting.
  • Use the secured borrower base to cross-sell payments, insurance, wealth and other Jio Financial products.
  • Seek to diversify funding beyond NCDs as the balance sheet grows, lowering refinancing concentration and cost-of-funds risk.

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