Poonawalla Fincorp launches Consumer Durables Loan business and digital EMI card
By Aman Shukla Published on April 22, 2025, 08:08 IST
Poonawalla Fincorp Limited (PFL) , a non-banking financial company (NBFC) promoted by the Cyrus Poonawalla Group, has announced the launch of its Consumer Durables Loans business. This initiative is part of the company's strategic expansion into high-velocity retail lending segments.
Alongside the loan offering, PFL has introduced a digital EMI card with pre-approved limits, aimed at streamlining the purchase process for consumer durable products. The card is designed to enable real-time digital onboarding and instant loan approvals at the point of sale.
The new offering targets both salaried and self-employed individuals and promises loan sanctions within five minutes. It includes flexible EMI options, competitive interest rates, and access to a wide network of retail partners. By digitizing the customer journey, PFL aims to facilitate faster onboarding and improve scalability.
India's consumer durables market is witnessing significant growth, particularly in Tier 2 and Tier 3 cities. Financing penetration currently stands at around 30% and is expected to rise as more first-time borrowers seek credit for products like smartphones, appliances, and electronics. PFL views this segment as a gateway to long-term customer engagement and cross-selling opportunities for other financial products.
In the initial rollout phase, PFL plans to expand its Consumer Durables Loan offering to 70 locations , including major metros and smaller cities. The company will work with over 5,000 dealers , including regional retailers and small businesses, and partner with leading OEMs.
Additionally, PFL is upgrading its payment infrastructure by enabling real-time disbursements for dealers, replacing the traditional batch processing system to ensure quicker settlements.
This marks PFL's sixth business launch as part of its broader strategy to enhance its lending portfolio and improve customer experience.
Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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