NEWS & ADVICE : CAR LOANS
Magma Fincorp wants 25% growth in loan book this fiscal
By Vaibhav Aggarwal
Sep 13, 2010
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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.


 


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