Poonawalla Fincorp Limited has introduced a new digital personal loan product called “PL Prime Digital 24×7” targeting salaried professionals, the company announced today.
At 2.15 pm, the shares of Poonawalla Fincorp Limited were trading at ₹273.85, a decrease of ₹7.45 or 2.65 per cent on the NSE.
The new product offers instant loan approvals of up to ₹15 lakh within 15 minutes through a completely paperless process. It is accessible 24/7 through the company’s mobile app, website, and authorized partners.
Arvind Kapil, MD & CEO of Poonawalla Fincorp, stated that the aim of the product is to streamline the lending process for professionals from prime corporates who require quick access to funds by eliminating paperwork and delays.
The personal loan segment in India has seen a 27 per cent year-on-year growth, indicating a rising demand for unsecured credit. The company noted that PL Prime Digital 24×7 aligns with their “risk-first” lending approach by adjusting pricing based on risk assessment.
The Cyrus Poonawalla Group-owned NBFC operates in 18 states and 2 union territories with an AUM of ₹30,984 crore as of December 31, 2024. The new product is expected to enhance the distribution of the company’s recently launched PL Prime Business.
Published on March 3, 2025.