Poonawalla Fincorp signs MoU with Institute of Company Secretaries of India.

Poonawalla Fincorp Limited (formerly Magma Fincorp Limited) signed an MoU with the Institute of Company Secretaries of India (ICSI) to provide collateral-free term loans to ICSI members as well as its employees. The scheme will benefit over 65,000 ICSI members across the country.

The press statement issued by the Poonawalla Fincorp states that the scheme offers an attractive interest rate, zero prepayment charges, and a host of other attractive benefits. This is a unique offering covering company secretaries professionals across the country powered by a completely digital and 100 per cent paperless process, along with e-agreement and e-NACH for a fully online offering.

In line with the company’s objective of providing hassle-free loans to professionals, the Poonawalla has planned for similar tie-ups. It demonstrates its irrefutable support towards nation building while creating opportunities for growth and development of professionals and entrepreneurs.

Commenting on the MoU, CA Abhay Bhutada, Managing Director, 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 is a non-deposit taking systemically important non-banking finance company (ND-SI-NBFC) registered with the RBI. The company started operations nearly three decades ago and is listed on the BSE and the NSE. Consequent to the capital raise of ₹3,456 crore in May’21, the company is a now part of the Poonawalla Group with a majority stake owned by Rising Sun Holdings Private Limited, a company owned and controlled by Adar Poonawalla.

HBL