Poonawalla Fincorp Enters Consumer Durables Lending With EMI Card

Poonawalla Fincorp Ltd. on Tuesday said it has forayed into the consumer durables loan segment with the launch of its digital EMI card featuring pre-approved credit limits, the non-banking financial company announced in a press release. The initiative is aimed at strengthening its secured lending portfolio, the company added.

Poonawalla Fincorp. aims to streamline its loan acquisition processes for the segment within the first 90 days before expanding across geographies. In the first phase, it plans to target 70 locations across metro cities as well as tier-II and tier-III towns.

With finance penetration in consumer durables at 30% and rising in smaller towns, the company sees significant growth potential. It plans to partner with 5,000 dealers, including regional retailers and small businesses. It has also tied up with original equipment manufacturers with strong market presence across regions.

This new vertical marks the company’s sixth business line.