Poonawalla Fincorp share: NBFC stock in focus on launching gold loan business

Stock Market Today: Poonawalla Fincorp share price remains in focus on Tuesday, April 15, as the NBFC company announced the launch of its gold loan business.

Poonawalla Fincorp informed the exchanges today through a press release that it has launched a gold loan business.

Poonawalla Fincorp: Gold loan business details

As per the press release issued by a Cyrus Poonawalla Group-promoted NBFC company, Poonawalla Fincorp, has expanded its portfolio of secured lending products with the launch of its gold loan business.

This new offering, as per Poonawalla Fincorp provides a secure, fast, and transparent financing solution for individuals and businesses, catering to diverse financial needs such as business expansion, agriculture costs, and personal expenses.

Earlier, the company was focused on consumer & MSME lending.

Poonawalla Fincorp highlighted that the gold loan approvals are faster, in less than 30 minutes. The approval requires minimal documentation and multiple repayment options. The customers, as per Poonawalla Fincor,p can unlock the value of their gold without selling it, ensuring financial flexibility while preserving long-term wealth.

Commenting on the launch, Arvind Kapil, MD & CEO, Poonawalla Fincorp, in a statement said that, “Our gold loan offering represents a natural progression in our secured lending portfolio, combining traditional value with modern convenience. As per Kapil the Poonawala Fincorp has designed this Gold Loan product with the customer journey at its core, respecting both the emotional and financial value of gold. At Poonawalla Fincorp, customer asset safety and transparency remains paramount, while delivering reliable and premium services."

Further to strengthen its presence across Tier-2 and Tier-3 cities with a secured product, Poonawalla Fincorp plans to open 400 new branches in a phased approach over the next four quarters.

Poonawalla Fincorp share price movement

Poonawalla Fincorp share price opened at ₹375 on Tuesday. At the time of opening, NBFC stock was up almost 2.5% compared to the previous day's closing price of ₹366.30. Poonawalla Fincorp's share price thereafter was trading at similar levels in the morning trade.

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