Poonawalla Fincorp Limited (PFL), a non-banking finance company promoted by the Cyrus Poonawalla Group, launched its Commercial Vehicle (CV) Secured Loan Business today. The new offering will provide financing for small, light, intermediate, and heavy commercial vehicles from all major manufacturers, covering both new and used vehicle purchases.
The shares of Poonawalla Fincorp Limited (PFL) were trading at ₹289.40 up by ₹8.05 or 2.86 per cent on the NSE today at 11.55 am.
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The company will initially operate in 68 locations across 12 states, with plans to expand to 400 locations across 20 states through a hub-and-spoke model. The loans will be available through direct-to-customer channels, dealers, and partners.
PFL has introduced a technology solution to reduce documentation requirements and enable faster processing times. The system integrates with technology partners to develop assessment frameworks with validation from verified sources.
“Commercial transport sector continues to be the backbone of our growing economy,” said Arvind Kapil, Managing Director & CEO of Poonawalla Fincorp. “Our new Commercial Vehicle Loan directly facilitates the financial needs of transporters with streamlined processes and hassle-free documentation.”
The company is targeting India’s growing logistics and transportation sectors, particularly in tier 2 and tier 3 markets. The used commercial vehicle segment is expected to form a significant part of PFL’s CV loan portfolio.
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Poonawalla Fincorp reported an AUM of ₹30,984 crore as of December 31, 2024, and employs approximately 2,560 people across 18 states and 2 Union Territories.