Poonawalla Fincorp Powers Up Retail Credit: Launches Consumer Durable Loans with Digital Edge

Poonawalla Fincorp, the prominent NBFC from Cyrus Poonawalla Group, has officially launched its consumer durables loan business, expanding its digital-led retail lending book significantly. The step is intended to empower Indian consumers to buy necessary and desired appliances and electronics without tapping into their savings.

Key Highlights:

Loan Amounts ranging up to ₹50 Lakh: Customers have access to collateral-free loans against a variety of consumer durables, ranging from smartphones and laptops to washing machines and air fryers, at rapid disbursement and low documentation.

Completely Digital, Uncomplicated Process: The application process is optimized—customers can apply online, upload documents, and get instant approval, without ever having to go to a branch. The disbursements are made in the bank account directly, most often within a few minutes.

Flexible Repayment and Low Rates: Customers have the option of flexible tenures, low interest rates, and transparent fees. Foreclosure fees are waived after six EMIs if paid in advance through own funds, thus encouraging early repayment of customers.

Inclusive Eligibility: The product is available for both salaried and self-employed customers with easy eligibility: Indian citizenship, 21–65 years, monthly income of as low as ₹15,000, and credit score of 650+ or new-to-credit individuals.

Digital Risk Management: Empowered by next-gen data analytics, Poonawalla Fincorp assures high-quality risk identification and proactive intervention to control defaults, affirming its resolve in responsible lending. 

Strategic Growth: As part of this larger design for expansion across emerging retail niches—ranging from gold loans, education loan, to financing commercial vehicles—the company plans to target Tier-II and Tier-III towns using digital-native products.

With this launch, Poonawalla Fincorp will change the way Indians avail consumer credit, combining convenience, speed, and transparency for the next generation of borrowers.

Sources: Poonawalla Fincorp, Business Standard, Times of India

 

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