Magma enters personal loan segment
By Neelima Shankar
May 28, 2008
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There is a new entrant in the asset finance industry, Magma Shrachi Finance. The listed asset finance company has very recently launched its personal loan portfolio. The company plans to offer big-ticket personal loans to customers charging them interest rates between 13 and 22 percent.

Sanjay Chamria, vice-chairman and managing director of MSFL (Magma Shrachi Finance Limited), speaking on the new development, said that the entire sales, credit and recovery operation would be manned by an in-house team.

The company has build up adequate filters such as credit officers to ensure risk management, he added.

At present, the company does business from 54 locations across the country through a network of 161 offices. It has a team size of 1,000 employees.

The company will look at an initial business of Rs 30 crore per month. They would offer loans only at locations where it has experience in asset finance business, said Chamria. He also added that they would offer loan to salaried, self-employed professionals, as of now.

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