The non-bank entity is a part of Cyrus Poonawalla group, which owns Serum institute, engaged in developing vaccines for the coronavirus.
“As the economy is recovering from the pandemic impact, our focus is on offering credit support to the MSMEs and professionals like Company Secretaries so that they can further boost the entrepreneurial ecosystem and fuel economic growth,” said Adar Poonawalla, Chairman, Poonawalla Finance in a release.
The company signed a MOU with the ICSI for the special term loan plans, which should help its members fulfil the financial requirements for their professional practice as well as personal emergencies, the company said in a release.
“With the tie-up with Poonawalla Finance, the Institute has once again aligned its initiative with the government, by providing financial credit to Company Secretaries to boost economic recovery and help in building Atmanirbhar Bharat,” said CS Ashish Garg, President the ICSI.
The special term loan scheme carries zero processing fees for loans up to 36 months at attractive interest rate, which the company did not disclose. There will not be any prepayment charges. A loan applicant can avail such credit facility through digital platform.
It also comes with an option to take-over existing loans with higher interest rates. The loan amount ranges from Rs. 2 lakhs to Rs. 30 lakhs with flexible repayment tenure between 12-60 months, the company said.
“The affordable, hassle-free and fully online loan scheme will take care of Company Secretaries’ personal requirements as well as entrepreneurial aspirations,” said Abhay Bhutada, MD and CEO, Poonawalla Finance.
Poonawalla Finance which Started in April last year, Poonawalla Finance crossed Rs 2000 crore mark in assets under management. It offers bespoke loans for professional, business and personal needs.