Poonawalla Fincorp Limited has launched a new fully digital personal loan product called “PL Prime Digital 24x7” targeting salaried professionals, the company announced today.
The shares of Poonawalla Fincorp Limited were trading at ₹273.85, down by ₹7.45 or 2.65 per cent on the NSE today at 2.15 pm.
The new offering provides instant loan approvals of up to ₹15 lakh within 15 minutes through a completely paperless process. The service is available around the clock and accessible through the company’s mobile app, website, and authorized partners.
According to Arvind Kapil, MD & CEO of Poonawalla Fincorp, the product aims to eliminate paperwork and delays in the lending process, particularly for professionals from prime corporates requiring quick access to funds.
India’s personal loan segment has grown 27 per cent year-on-year, reflecting increased reliance on unsecured credit. The company stated that PL Prime Digital 24x7 aligns with its “risk-first” lending approach by adjusting pricing based on risk calibration.
The Cyrus Poonawalla Group-promoted non-banking finance company (NBFC) operates across 18 states and 2 union territories with an Assets Under Management (AUM) of ₹30,984 crore as of December 31, 2024. The new product is expected to strengthen the distribution of the company’s recently launched PL Prime Business.