Non banking financial company (NBFC), Magma Fincorp is aiming to take its loan book to Rs 5,500 crore this fiscal which would be a 25%rise from last year.
"We aim to grow our disbursements this fiscal by 25 per cent and have set a target of Rs 5,500 crore," Magma Fincorp Vice-Chairman and Managing Director Sanjay Chamria said.
The company offers a wide range of services like vehicle financing, SME loans etc.
The loan disbursements for the company figured to Rs 4,559 crore last fiscal. The company wants a 35% growth in commercial vehicle segment, 7-8% in tractors, 24% in contruction equipment segment.
"Our major focus this fiscal will be in states such as Orissa, Bihar and Andhra Pradesh. Our aim is to provide services to the have-nots, where banking services are not available for them," Chamria said.
The current customer base of the NBFC is over 5 lakhs with 160 branches.