Poonawalla Fincorp launches industry-first digital prime personal loan for salaried professionals
Poonawalla Fincorp has launched PL Prime Digital 24×7, an industry-first fully end-to-end digital personal loan offering designed to meet the needs of salaried professionals seeking quick and convenient access to credit.
This industry-first financial product is set to redefine the personal lending segment by offering a seamless and instantaneous borrowing experience around the clock to salaried professionals of prime corporates. The PL Prime Digital 24×7 Loan enables eligible customers to bypass traditional loan processes and avail loans up to ₹15 lakh in just 15 minutes through a completely paperless process. It also provides the flexibility to choose longer EMI tenures and comes with a zero collateral requirement. The PL Prime Digital 24×7 will be available on the company’s mobile app, website and with authorised partners.
Commenting on the launch, Mr. Arvind Kapil, MD & CEO, Poonawalla Fincorp, said: “Access to credit should be seamless, efficient, and tailored to the fast-moving lives of professionals. Whether it’s an urgent financial requirement or a planned expense, PL Prime Digital 24×7 is an absolute industry-first solution for prime customers. We are addressing the demand for an end-to-end digital solution that eliminates the paperwork and delays, making funds available when they are needed the most. This initiative is built on our unwavering commitment to a risk-first approach, deep customer insights and accelerated efforts to consistently leverage technology solutions to transform the lending landscape. By providing 24/7 accessibility, instant approvals, and a fully digital journey, we aim to empower salaried professionals of prime corporates with a reliable financial solution, and set a new benchmark in digital lending.”
The personal loan segment in India has grown by 27% year-on-year, indicating the increasing reliance on unsecured credit for planned and unplanned expenses. The launch of PL Prime Digital 24×7 reaffirms Poonawalla Fincorp’s commitment to its risk-first lending approach by adjusting the pricing based on the risk calibration. The company continues to adopt this approach to identify newer opportunities in the lending landscape and deliver innovative solutions while addressing the demand in the current credit environment. Additionally, it is using disruptive technology solutions to simplify the lending process, create customer delight, and enhance experiences, which are the company’s top priorities.
