Poonawalla Fincorp Expands with New Commercial Vehicle Loan Program

Poonawalla Fincorp Ltd has launched secured loans for commercial vehicles, targeting expansion in Tier 2 and Tier 3 markets. The initiative aims to enhance the logistics sector by offering tailored financial solutions and reducing the documentation process, facilitating a quicker customer onboarding experience.

Poonawalla Fincorp Ltd, a branch of the Cyrus Poonawalla Group, has announced the introduction of a secured loan service aimed at catering to commercial vehicle (CV) operators. The service targets both new and used vehicle purchases, intending to reach an audience spread across Tier 2 and Tier 3 markets.

The company is initially set to deploy this initiative in 68 locations across 12 states. With plans to expand further, the company envisions a total reach of 400 locations in 20 states, utilizing a hub-and-spoke model. This move is designed to cater to small, light, and heavy commercial vehicle operators, ultimately boosting the transportation capabilities within the logistics and supply chain sectors.

Poonawalla Fincorp highlighted that its customers will benefit from flexible payment options and a focus on streamlined documentation processes, ensuring a quicker onboarding experience. The loans will be available directly, through dealers, and via channel partners with industry professionals on board to provide tailored solutions and enhance customer service.

(With inputs from agencies.)