Poonawalla Fincorp Launches CV Loans Biz For Tier-2,3 Markets

Poonawalla Fincorp Ltd, the NBFC arm of the Cyrus Poonawalla Group, on Monday announced the expansion of its product portfolio with the launch of secured loans business for commercial vehicles (CVs), covering both new and old vehicle purchases. With a strong focus on Tier 2 and Tier 3 markets, the company said it plans to initially enter 68 locations across 12 states in the first phase.

It aims to expand further to 400 locations across 20 states through a hub-and-spoke model in the next phase. The tailored financing solution for small, light, and heavy commercial vehicle operators, which aims to bolster the logistics and supply chain sectors, will help the segment players enhance their transportation capabilities, Poonawalla Fincorp Ltd (PFL) said. Besides, the customers will also benefit from flexible, structured payment and repayment options, the company said, adding that as part of this launch, it has also introduced a technology solution aligned with its risk-first approach.

"Commercial transport sector continues to be the backbone of our growing economy. Our new CV loan directly facilitates the financial needs of transporters with streamlined processes and hassle-free documentation. It also adds clear strength to the bouquet of our secured businesses," said Arvind Kapil, Managing Director and CEO, Poonawalla Fincorp Ltd. The solution focuses on reducing the documentation process for customers, enabling faster turnaround time and a seamless onboarding experience, PFL said. The loans will be offered through direct-to-customer, dealers, and channel partners. The company has onboarded industry professionals to provide tailored financial solutions and enhance customer experiences, it said.

(PTI)