Poonawalla Fincorp signs MoU with ICSI for special term loans

Poonawalla Fincorp on Wednesday announced that it has signed an MoU with Institute of Company Secretaries of India (ICSI) to provide collateral-free term loans to ICSI members as well as its employees.

Poonawalla Fincorp said the scheme offers an attractive interest rate, zero prepayment charges and host of other attractive benefits. The scheme is set to benefit over 65,000 ICSI members across the country.

In line with the company's objective of providing hassle free loans to professionals to meet their financial needs, the company said it has planned for similar such tie-ups. Commenting on the MoU CA Abhay Bhutada, MD of Poonawalla Fincorp said, We believe that for entrepreneurial growth to thrive, professionals like company secretaries need to be supported in fulfilling their financial needs. This scheme is a step in this direction.

Poonawalla Fincorp, formerly known as Magma Fincorp is a no deposit taking systemically important non-banking finance company registered with the Reserve Bank of India. The company's consolidated net profit gained 71.1% to Rs 64.54 crore on a 14.9% fall in total income to Rs 487.65 crore in Q1 FY22 over Q1 FY21.

Shares of Poonawalla Fincorp were down 1.25% at Rs 178. So far, the stock has hit a day's high of Rs 181 and a day's low of Rs 175. The counter hit a 52-week high of Rs 199.65 on 18 August 2021. The stock surged 459% from its 52-week low of Rs 31.80 hit on 9 October 2020.

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