Business
Unlocking Growth: How Poonawalla Group Utilizes Business Loans to Expand Ventures
Poonawalla Fincorp Limited is one of the largest companies that offers unsecured business loans where no collateral is required. With minimal documentation, it assures a hassle-free experience and optimises all steps of the process. The Poonawalla Business Loan can be applied in a few minutes, and the entire sanctioned amount can be disbursed.
Features and Benefits
Mentioned below are the features and benefits of Poonawalla Fincorp Business Loan:
- Higher Loan Disbursal Amount:
Both business expenses and working capital require sufficient finances. The main advantage of the Poonawalla Business Loan is that it provides access to capital up to INR 50 lakhs, allowing you to fund any business-related expense without any compromises.
- Swift and Smooth Disbursal:
Poonawalla Fincorp Business Loan suits your busy schedule and lifestyle. They offer quick loans online, ensuring a hassle-free experience whenever funds are required for business purposes.
- Collateral free Loans:
Poonawalla Fincorp offers collateral-free business loans, which makes them less risky and time-efficient. The capital can be accessed without the pledge of any business or personal assets.
- Interest Rates:
Get a competitive rate of interest that makes the offering a cost-effective solution that one can rely on.
- Simplified Documentation Process:
Documents are required to be uploaded to make the loan application process quicker. The simplified process of documentation provides you with an edge over other financers when borrowing from Poonawalla, and hence, it is an added advantage.
- Extended Loan Tenure:
The EMIs of business loans should never strain working capital reserves or cause a dip in business profits. With Poonawalla’s Business Loan, one need not worry about this as it can opt for a flexible tenure of up to 48 months. This will help plan the repayment optimally based on the business’s cash flow.
- Convenience of Online Process:
Poonawalla’s Business loan can be applied for online, and you can access it digitally from the comfort of your home or business. Everything can be done online, from applying to getting instant approval to getting funds disbursed into the bank account.
Eligibility Criteria
Mentioned are the eligibility parameters that are to be met whether you want to apply for a 50000 Loan or a 1 lakh business loan offered by Poonawalla Fincorp:
- The minimum age of an applicant should be 24 years.
- The maximum age of an applicant should be 65 years at the time of maturity of the loan.
- An applicant must have a business vintage of at least 2 years.
- The applicant’s business must have a minimum turnover of INR 6 lakhs.
Processing Fees and Charges
Mentioned below are the processing fees and charges associated with the Poonawalla Fincorp Business Loan:
| Business Loan – Schedule of Charges | |
| Business Loan Interest Rates | 15% p.a. onwards |
| Loan Amount | Ranging from INR 1 Lakh and INR 50 Lakhs |
| Loan Processing Fees | Up to 3% + taxes applicable |
| Lowest EMI per month | Starts from INR 2,783* per Lakh for 48 months |
| Loan Tenure | 6 – 48 months |
| Prepayment/ Foreclosure Charges | 0% – If paid from own sources & 4% – If paid from other sources |
| Default Interest | 2% per month |
| Repayment Instrument Dishonor Charges | INR 500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
How to Calculate Business Loan Interest Rate
Calculating the interest rate is an important step in determining the total cost of borrowing. However, it can be complex, especially if you are dealing with different loan types or lenders.
The interest is calculated as per the following formula:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where,
- P = Principal or the loan amount
- R = Monthly interest rate (annual interest rate/12)
- N = Number of monthly instalments (loan tenure)
Documents Required
Mentioned is the list of documents required to be uploaded along with the loan application form:
| Documents | Requirement |
| KYC Related Documents | i) Director orii) Proprietor oriii) Partner PAN Card oriv) Aadhaar Card orv) Driving License orvi) Voter ID orvii) Passporti) Proprietor orii) Partner oriii) Director PAN Card oriv) Aadhaar Card orv) Driving License orvi) Voter ID or vii) PassportPersonal Docs –All Individuals orPartner orDirector – PAN Card or Aadhaar Card orDriving License or Voter ID orPassport Officially Valid Documents Proof of Address (In case they are not as per Officially Valid Documents)Business Docs –Proof of Business Registration Proof of Business Address (In case it is not as per the Business Registration Proof) |
| Business Related Address Proof | Utility bills or Rent Agreement |
| Financial Related Documents | Bank account statement for the past 6 months |
Utilisation of Funds Raised from Poonawalla Fincorp Business Loan
Mentioned below are the different ways in which the funds raised from Poona Walla’s Business Loan can be utilised:
- Bolster working capital
- Expand to newer markets
- Take your business online
- Restock inventory
- Adopt new marketing or sales strategies
- Manage operational cost
- Improve business infrastructure
- Hire trained, skilled staff
- Upgrade, maintain, repair, or purchase new machinery, software, and other assets.
- Diversify your product/service portfolio
Steps to Apply for a Poonawalla Business Loan
Mentioned below are the steps to apply for Poonawalla Business Loan:
Step 1: Launch the Poonawalla Loan App or open its website.
Step 2: Click on the “Apply” button.
Step 3: Provide your 10-digit house.
Step 4: Complete the loan application form with the details you need, such as your name, PAN card number, date of birth, and PIN Code.
Step 5: Click on “Proceed”.
Step 6: Enter the amount of the loan to be raised. Choose from the 3 variants: Term, Flexi Term, and Flexi Hybrid.
Step 7: Choose the repayment tenure from a tenure option of 12 months to 96 months and then click “Proceed”.
Step 8: Finish off by completing your KYC and submitting the business loan application.
Poonawalla Business Loan Customer Care
In case of any queries, suggestions or grievances, one may contact the mentioned details:
Registered and Corporate Office Address: 201 and 202, 2nd Floor, AP81, Koregaon Park Annex, Mundhwa, Pune, 411036
Phone Number: +91 20 67808090
E-mail ID: [email protected]
Toll-Free Number: 1800-266-3201 (9.00 AM – 7.00 PM) (Monday to Saturday)
The number cannot be contacted on public holidays and Sundays
E-mail ID: [email protected]
