Poonawalla Fincorp Limited Business Loan

Poonawalla Fincorp Limited
4.5
If you are into business, you would know that you need to spend money to grow your business. And if you are well managing other expenses in that business, including capital can be a wise thing to do for its growth. However, getting that much capital can be a real challenge to deal with! So why not consider taking a Business loan? After all, it is known as the most common way to raise capital for a profitable business. Poonawalla Credit Pvt Ltd understands how even a small amount of money can help you reach your aspired business goals. So what are you waiting for? Apply for Poonawalla Credit Pvt Ltd business loan and get a suitable rate of interest that might help you to run your business without worrying about the capital.

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Poonawalla Fincorp Limited

Poonawalla Fincorp Limited Business Loan

  • Interest Rate

    15% - 28%

  • Loan Amount

    ₹1L - ₹30L

  • EMI Per Lakh

    ₹2,379 - ₹3,114

  • Processing Fees

    For Medical Equipment Loans: minimal charges
  • Pre-Payment Charges

    4% of outstanding loan amount plus taxes

Features and Benefits of Poonawalla Fincorp Limited Business Loan

Poonawalla Fincorp Limited is among the greatest companies that offer unsecured business loans. No security or several documents are required to acquire the loan. Poonawalla Fincorp Limited business loan ensures a hassle-free experience and optimised every step of the process. A borrower can apply for a Poonawalla Fincorp Limited business loan in just a few minutes and have the entire sanction disbursed. A borrower won't need to worry about running out of money thanks to the Poonawalla Fincorp Limited Business Loan.

The features and benefits of the Poonawalla Fincorp Limited Business Loan are mentioned below:

  • A business loan up to INR 50 lakhs may be approved.
  • Another benefit is faster and more seamless disbursement. Poonawalla Fincorp provides rapid loans online, so you can always get the money you need for your business without fuss. 
  • It offers a low-interest rate to increase profits.
  • It provides an unsecured business loan which eliminates the need to present collateral.
  • The company requires most fundamental business loan paperwork to shorten processing times and speed up loan approval. 
  • It provides speedy approvals on business loans. You can apply for a loan online, which will be processed quickly, allowing you to receive an immediate business loan.

In five easy steps, one can apply for a Poonawalla Fincorp Limited business loan online, receive quick approval, and instantly have the money credited to their account.

Poonawalla Fincorp Limited Business Loan Interest Rates

A borrower must choose the Poonawalla Fincorp Limited business loan as the loan payments are affordable, and the interest rate ranges between 15% and 28%. Poonawalla Fincorp Limited's business loan interest rate depends upon your financial standing and creditworthiness. Businesses can dabble with capital cost as allowed by their financial standings. The company is proud of its unsecured business loan interest rates.

Factors Affecting Poonawalla Fincorp Limited Business Loan Interest Rates

Some factors influence an interest rate. These elements are also very important in determining various interest rates and EMIs. The factors affecting Poonawalla Fincorp Limited business loan interest rate are explained below.

CIBIL Score

The likelihood of getting a loan approved increases with a higher credit score and lower interest rate. It will be beneficial if the credit score lies between 650 and 900.

Business Vintage

When a company can demonstrate that it has been in operation for two years or more, Poonawalla Fincorp Limited will grant a loan to that company. A company operating for a while qualifies for a business loan with a lower interest rate. 

Business Type

The kind of business you are in greatly affects the interest rate that is being given. You can be required to pay a higher business loan interest rate if your company is considered to be of greater or moderate risk.

Business Plan 

The lender will need a copy of your business plan to ascertain how you intend to expand and repay the loan. So, to improve your chances of getting a loan, you must have a solid vision and business plan. Your loan will also be authorised at a cheaper interest rate. If you don't make a compelling case for your firm, you can have to pay higher interest rates. Your monthly income is important in calculating the rate because it will demonstrate your ability to make payments.

Poonawalla Fincorp Limited Business Loan Fees and Charges

There are various fees a lender charges to carry out the process of a loan. To meet the Poonawalla Fincorp Limited business loan requirements, the loan provider has the following fees and charges.

Interest Rates 15% - 28%
Amount INR 1 lakh - 50 lakhs
Processing Fees Up to 3% plus applicable taxes
EMI (Per Month) Starting from INR 3,467 per Lakh
Tenure 12 - 36 months
Prepayment/Foreclosure Charges 5% of the outstanding loan amount plus applicable taxes
Late Payment Charges 3% per month
Cheque Bounce Charges INR 1000 plus applicable taxes per bounce 
Stamp Duty Varies as per State
Note: The information provided in the table above is dated 18.11.22. The company has no other hidden charges.

Documents Required for Poonawalla Fincorp Limited Business Loan

A borrower must have the knowledge of the documents required for Poonawalla Fincorp Limited business loan, as it makes the whole process run smoothly. The following are the documents that each person applying for Poonawalla Fincorp Limited business loan must produce to be considered for an SME or a business loan.

  • For KYC: Firm or company’s documents like address proof, GST Registration Certificate (if applicable), PAN Card, and other applicable registration certificates.
  • For KYC: Aadhaar card, PAN card, utility bills, Index II, rent agreement, etc., of the partner, director, or proprietor
  • Documents of income
  • Receipts of GST returns
  • Profit/loss statement and balance sheet of the last two years.
  • Last two years of Income Tax Returns (ITRs)
  • Bank account statement for the past six months

How Does the EMI Calculation Work for Poonawalla Fincorp Limited Business Loans?

Equated Monthly Instalment (EMI) is a predetermined monthly payment paid by a borrower to a creditor on a predetermined date each month. A borrower must calculate EMI before applying for Poonawalla Fincorp Limited business loan as the result assists in making financial decisions. Calculate the EMI of Poonawalla Fincorp Limited business loan using the following three ways.

Online EMI Calculator 

Poonawalla Fincorp provides a free EMI calculator for business loans in India to simplify loan planning. You can use it to compute the Business Loan EMI, determine the overall interest expense, and view the amortisation schedule to understand payments better.

Manual

If a borrower refuses to use the online calculator for EMI calculation, they can use the following formula to do the required calculations. However, this is a time process and is prone to errors.

EMI = P x R x (1+R)N/ (1+R) N - 1

Here, ‘P’ represents the loan amount, ‘R’ represents the interest rate, and ‘N’ represents the tenure. 

Microsoft Excel 

A borrower can get the desired result by inputting the ‘PMT’ formula in an excel file. Again, this method has room for errors and can be confusing. Once the formula is in place, the borrower will need to enter the data in the below-mentioned variables.

  • "Rate": This is the interest rate calculated on a monthly basis (interest rate / 12).
  • "NPER" denotes the loan tenure in months.
  • PV: This stands for primary value or loan amount.

Make sure to input these details with the parameters "FV" and "Type" set to 0 and 1, respectively.

How Does Poonawalla Fincorp Limited Compare With Other Lenders?

Several companies offer business loans. An applicant must go through each company and select the one that caters to their needs the most. A comparison has been drawn in the below table based on the Poonawalla Fincorp Limited business loan interest rate and other lenders.

Bank or NBFC Offering Business Loan Interest Rate (P.A.)
Poonawalla Fincorp Limited 15% - 28%
HDFC Bank  10.00% - 22.50%
Axis Bank 14.65% - 18.90% 
IDFC First Bank 14.50% onwards
Kotak Mahindra Bank 16% - 19.99%
Fullerton Finance  17% - 21%
Bajaj Finserv  15% - 24%
RBL Bank 17.50% - 25%
ICICI Bank 17% onwards
Tata Capital Finance  19% onwards
NeoGrowth Finance  19% - 24%
Hero FinCorp Up to 26% 

Note: The interest rates provided in the table above are dated 18.11.22.

Poonawalla Fincorp Limited Business Loan Customer Care Number

A business loan is a weighted decision but an absolutely important one. Various queries need to be addressed when applying for a Poonawalla Fincorp Limited business loan. The company provides its clients with the best customer service that aids them in resolving their problems. An applicant or a client can contact the customer service mentioned below:

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: info@poonawallafincorp.com

Toll-Free Number: 1800-266-3201 (9.00 AM - 7.00 PM) (Monday to Saturday)

The number can not be contacted on public holidays and Sundays

E-mail ID: customercare@poonawallafincorp.com

FAQs

From refinancing to reducing your interest, we have the answers right here.

What does Poonawalla Fincorp do?

Poonawalla Fincorp Limited is an NBFC that specialises in consumer and MSME loans. It provides a diverse product package to meet the expanding finance demands of businesses and retail financing.

Who is the CEO of Poonawalla Fincorp?

Adar Poonawalla is the CEO of Poonawalla Fincorp.

Is Poonawalla Fincorp genuine?

Yes, Poonawalla Fincorp is genuine.

Who is the founder of Poonawalla finance?

Mr Mayank Poddar and Mr Sanjay Chamria are the founders of Poonawalla Fincorp Limited.

What is the interest rate of a business loan in Poonawalla Fincorp Limited?

The interest rate of Poonawalla Fincorp Limited is 15% - 28% per annum. For more information, read the above guide.

What are the benefits Poonawalla Fincorp Limited Provides on a business loan?

Poonawalla Fincorp Limited has various benefits to it. The interest rate is low, and the loan is disbursed quickly. Other benefits can be found in the guide above.

Does Poonawalla Fincorp Limited have a fixed rate of interest on a business loan?

No, Poonawalla Fincorp Limited does not have a fixed rate of interest on a business loan.

Does Poonawalla Fincorp Limited checks the CIBIL score for a business loan?

Yes. Poonawalla Fincorp Limited checks the CIBIL score for a business loan.

What is the maximum and minimum business loan amount I can get from Poonawalla Fincorp Limited?

The maximum and minimum business loan amount that can be borrowed from Poonawalla Fincorp Limited are INR 50 lakhs and INR 1 lakh, respectively.

What are the KYC documents I will have to submit to apply for a business loan from Poonawalla Fincorp Limited?

An applicant must submit the basic documents when applying for a business loan from Poonawalla Fincorp Limited. Get a better understanding of the documents required with our guide.

What is the processing fee on the Poonawalla Fincorp Limited business loan?

Poonawalla Fincorp Limited business loan has a processing fee of up to 3% of the borrowed amount.

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