Poonawalla Finance, a non-banking financial company, had united with the Institute of Company Secretaries of India (ICSI) to offer special credit support to Company Secretaries. The company proposes to provide affordable and fully online collateral-free loans to over 65,000 financial professionals.
CS Ashish Garg, President of ICSI, said that the tie-up with Poonawalla Finance had promoted them to align their initiative with the government once again. That means, through this tie-up they can provide financial credit to Company Secretaries to boost the economic recovery and to contribute towards the drafting of ‘Atmanirbhar Bharat: Self-reliant India’.
Adar Poonawalla, Chairman of Poonawalla Finance, conveyed his viewpoint that the company’s focus is to provide special loans to the MSMEs and professionals like Company Secretaries. As the economy is recovering from the pandemic impact, it is necessary to provide credit support to financial professionals to boost the entrepreneurial ecosystem and economic growth. The company had signed an MOU with the ICSI for the special term loan plans, which will help their members to fulfill the financial requirements essential for their professional practice and even for their personalized emergencies.
A loan applicant can get the facility of the newly introduced term loan scheme through a digital platform. There is no processing fee for the loans up to 36 months and they are offered at an attractive interest rate. Another highlight is the absence of prepayment charges. It also offers an option to take-over existing loans with higher interest rates. The loan amount ranges from Rs. 2 lakh to Rs. 30 lakh with a flexible repayment period of 12-60 months.
A collateral-free loan is the credit support offered to the borrower without any guarantee. In simple terms, one can approach a lender and borrow money from him at a certain rate of interest even if he lacks something to pledge or invest. In such a manner, the newly proposed loan scheme of Poonawalla Finance will be a great support for the financial professionals and thus fosters economic growth.
Poonawalla Finance which started its operation in April last year had crossed over Rs. 2000 crore mark in assets under management (AUM). It provides bespoke loans to fulfill professional needs, business needs, and personal needs.