The new offering aims to cater to diverse financial needs such as business expansion, agriculture costs and personal expenses
Poonawalla Fincorp or PFL, a Cyrus Poonawalla Group promoted non-banking financial company (NBFC), has marked its entry into the gold loan business as it expanded its portfolio of secured lending products. To strengthen its presence across tier two and three cities with a secured product, PFL plans to open 400 new branches in a phased approach over the next four quarters.
The company, in an exchange filing, stated that the gold loan market in India represents a substantial opportunity, with projections indicating robust growth over the next several years across both urban and rural markets. Other than being a secured business, gold loan offers the strength of low credit risk and resilience during economic uncertainty.
“Our gold loan offering represents a natural progression in our secured lending portfolio, combining traditional value with modern convenience. We have designed this product with the customer journey at its core, respecting both the emotional and financial value of gold,” stated Arvind Kapil, Managing Director (MD) and Chief Executive Officer (CEO), Poonawalla Fincorp.
This new offering provides a secure, fast and transparent financing solution for individuals and businesses, catering to diverse financial needs such as business expansion, agriculture costs and personal expenses, as per the official statement from the company.
The company highlighted that with quicker approvals, minimal documentation and multiple repayment options, customers can unlock the value of their gold without selling it. The company facilitates loan access through its branches and localised outreach
