Poonawalla Fincorp enters gold loan market, plans 400 new branches

Poonawalla Fincorp Ltd (PFL), a non-banking monetary firm (NBFC) promoted by the Cyrus Poonawalla Group, has entered the gold mortgage section, increasing its secured lending portfolio. The corporate introduced the launch via an alternate submitting on Tuesday.

The brand new product goals to supply a safe, quick, and clear financing choice for people and companies alike—addressing wants equivalent to enterprise enlargement, agriculture-related prices, and private bills.

The loans will probably be disbursed with minimal paperwork and promise approval in lower than half-hour, providing versatile compensation choices, the submitting stated.

“Our gold mortgage providing represents a pure development in our secured lending portfolio, combining conventional worth with trendy comfort,” stated Arvind Kapil, MD & CEO, Poonawalla Fincorp. “Now we have designed this product with the client journey at its core, respecting each the emotional and monetary worth of gold.”

Gold stays a trusted supply of liquidity for Indian households, notably in instances of economic stress. With the Indian gold mortgage market poised for robust development, particularly throughout semi-urban and rural areas, PFL is aiming to faucet into this rising demand.

To assist the enlargement, PFL plans to open 400 new branches throughout Tier 2 and Tier 3 cities over the following 4 quarters. These branches will assist deepen the corporate’s presence and supply entry to credit score in underpenetrated markets. The corporate has additionally introduced in business professionals to supply personalised providers and improve buyer expertise.