Poonawalla Fincorp (PFL), a non-banking finance company backed by the Cyrus Poonawalla Group, has introduced its Commercial Vehicle (CV) Secured Loan Business. This new financial offering provides funding for small, light, intermediate, and heavy commercial vehicles from all leading manufacturers, including both new and used vehicle purchases.  

Initially, the company will operate in 68 locations across 12 states, with plans to expand to 400 locations across 20 states using a hub-and-spoke model. The loans will be accessible through multiple channels, including direct-to-customer services, dealers, and partners.  

To enhance efficiency, PFL has implemented a technology-driven solution that minimizes documentation requirements and accelerates loan processing times. The system integrates with technology partners to establish robust assessment frameworks, ensuring verification through credible sources.  

The company is strategically targeting India's expanding logistics and transportation sectors, focusing on tier 2 and tier 3 markets. A significant portion of the CV loan portfolio is expected to come from the used commercial vehicle segment.  

As of December 31, 2024, Poonawalla Fincorp reported an Assets Under Management (AUM) of Rs 309.84 billion. The company has a workforce of approximately 2,560 employees, operating across 18 states and two Union Territories.  

News source: The Hindu Businessline