L&T Finance completes acquisition of Paul Merchants Finance's gold loan biz

New Delhi, Jun 9 (PTI) NBFC firm L&T Finance Ltd (LTF) on Monday announced the completion of the transfer of the gold loan business of Paul Merchants Finance Pvt Ltd (PMFL), marking a foray into gold loan finance.

With the acquisition of PMFL, a wholly-owned subsidiary of Paul Merchants Ltd, LTF gets 130 branches, approximately 700 employees, and the business transfer of its gold loan book size of Rs 1,350 crore.

Earlier this calendar year, LTF announced the proposed acquisition of gold loan business undertaking of PMFL, marking its entry into the gold loan business, the NBFC said in a statement.

The gold loan franchise will be an addition to LTF's portfolio of secured loan products, it said.

****** Poonawalla Fincorp launches fully digital business loans for MSMEs * Poonawalla Fincorp on Monday announced the launch of business loan 24/7, an industry-first digital loan solution backed by a pioneering digital risk assessment model tailored for micro, small, and medium enterprises (MSMEs).

This innovative offering provides instant approval with a risk-first approach and flexible repayment options, the NBFC said in a statement.

Designed to address the credit needs of MSMEs with speed, convenience, and simplicity, Business Loan 24/7 offers a fully digital onboarding and approval journey through a Straight Through Processing (STP) model, it said.

This eliminates the need for branch visits or physical paperwork, delivering a user-friendly and secure experience across all touchpoints, it said. PTI DP DP SHW