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Poonawalla Fincorp bets on unsecured 15-minute loans

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MUMBAI: Poonawalla Fincorp is going against the tide by growing unsecured loans. The company is targeting ‘premium’ borrowers with unsecured loans of up to Rs 15 lakh, disbursed digitally in 15 minutes.
“We have extensive experience in unsecured lending, with low delinquency rates among top white-collar professionals,” said CEO Arvind Kapil. “Rather than increasing risk, we are diversifying our portfolio while attracting high-quality borrowers.” While the loan is for salaried borrowers the company plans to extend it to self-employed in a few months. Interest rates start at 12%, varying with credit scores.
Kapil, the architect of HDFC Bank’s game-changing 10-second loan during his tenure as head of retail, was chosen by Adar Poonawalla to steer the group’s foray into financial services. In the aftermath of the pandemic, the Poonawalla group, buoyed by the global recognition of its Covid vaccine and its deep pockets, set its sights on retail lending. The acquisition of Magma Fincorp provided a ready-made platform. In eight months, the company has transformed with its corporate office moving to Mumbai and a whole line-up of senior bankers including several from HDFC Bank taking charge.

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