With an aim to benefit over three lakh Chartered Accountants, who are the members of the ICAI, non-deposit taking NBFC, Poonawalla Finance Private Limited, has entered into an MoU to offer a collateral-free special term loan scheme. "The loan scheme will further shore up their financial requirements towards their professional practice as well as to meet their personal exigencies at a time when Covid-19 has caused liquidity crunch across all sectors," Poonawalla Finance said in a statement.

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Poonawalla Finance says it has received more than 4,000 loan applications and has sanctioned loan worth Rs.150 crore to more than 1,500 Chartered Accountants within the first month of the launch of this scheme.

Collateral-Free Special Term Loan Scheme

The term loan, tailor-made scheme for the Chartered Accountant professionals, offers zero prepayment charges, 100% online digital processing and gives the option to take over their existing loans with higher interest rates.

Commenting on the special term loan scheme, Adar Poonawalla, Chairman, Poonawalla Finance, said, "It is delightful to have the special loan scheme to support the credit needs of the Chartered Accountant professionals in these unprecedented times. We believe that offering credit support to the MSMEs and professionals like Chartered Accountants and Doctors for business development will further strengthen entrepreneurial ecosystem and boost economic growth."

While commenting on the loan scheme, Abhay Bhutada, MD and CEO, Poonawalla Finance said, “This special loan scheme is a part of our mission to offer credit support to enterprises and individuals so that they can meet their credit requirements. In the prevailing market scenario when access to credit has emerged as a challenge, our affordable and digitally-enabled loan scheme will help chartered accountant professionals fulfil their aspirations. This will help us expand our reach nationwide and fuel enterprise-driven growth."