Magma Fincorp targets 25% growth in Punjab

Written by Charanjit Ahuja | Chandigarh | Updated: Aug 13 2014, 18:00pm hrs
Magma Fincorp Limited, a Kolkata based non banking finance company (NBFC) which has already established itself as an asset finance player in Punjab, is targeting 25% growth in the state in the financial year 2015 with focus on SME and tractor loans, mortgage business and Suvidha (used vehicle loans) to deliver the numbers.

Addressing media persons, Sanjiv Jha, Vice-President and National Sales Manager Suvidha, Magma Fincorp Limited said, "the company has deep presence and existing customer relationships in the state and its focus on auto loans which has been the mainstay in the state will also continue coupled with renewed focus on the rural and semi rural markets.

Jha said that Magma disbursed Rs 350 crore in Punjab during financial year 2014. It has 14 branches in Punjab at Bhatinda, Baddi, Amritsar, Mohali, Mandi, Patiala, Sangrur, Shimla, Ludhiana, Moga, Jalandhar, Khanna, Pathankot and Zirakpur. The company has a customer base of around 22000 in Punjab.

The company posted 33% growth in disbursements to Rs 2398 crore in first quarter of financial year 2015 ended 30 June 2014. Pan-India, the company has a network of 275 branches. Nearly 80% of its branches are located in rural and semi-rural areas, ensuring proximity to customers.