Magma Shrachi to enter personal loan biz

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Mumbai, May 27: : Financial Services company Magma Shrachi Finance on Tuesday said it will enter into personal loan business, with focusing on rural and semi-urban market.

The company is aiming an initial monthly turnover of Rs 30 crore, Magma Shrachi said in a filing to the Bombay Stock Exchange.

"We are launching (the product) in 54 locations across India and already have set up our team to manage the business," Magma Shrachi Vice-Chairman and Managing Director Sanjay Chamria said.

The company said preparations for the launch of the product has been completed in northern and southern India. "By June we expect to roll out the product in all locations," he said.

As on March 31, Magma Shrachi Finance has a network of 161 offices across the country and employs over 4,000 people.

The company is aiming a Rs 30-crore business in the initial months and hopes to scale it up subsequently. "The company will offer the product to salaried, self-employed professional and non-professionals," he said. Stating that the personal loan market in the country has witnessed withdrawal of several leading players, the company said, it would continue to focus on the rural and semi-urban market.