Muthoot Capital Services (MCSL) ? a listed NBFC of the R20,000-crore Muthoot Pappachan Group ? is planning to enter tractor financing and expand its used cars loans market beyond Kerala.
As part of the initiative, the company plans to launch tractor financing in Tamil Nadu in a big way and gradually expand to other markets.
The company, which is targeting an auto loan portfolio of R1,000 crore by 2013 fiscal-end, will venture into newer markets like Gujarat, Madhya Pradesh, Maharashtra and Rajasthan, after marking its presence in South, the company said.
It will also extend its three-wheeler loans ? currently available in Kerala ? to new markets. MCSL offers financial services to retail , corporate, and institutional customers through the branches of Muthoot Fincorp.
Muthoot Capital Services MD Thomas George Muthoot told FE,? We have drawn up major expansion plan with proposed entry into markets, such as Gujarat, Madhya Pradesh, Maharashtra and Rajasthan, where we have Muthoot Fincorp branches which have been providing gold loans. The company is also in the process of entering tractor and used car financing segments to enhance our product portfolio.?
Pointing out that the company has a ?different? business model, as it operates thorough its flagship Muthoot Fin Corp branches, Thomas said the company has plans to offer new products to achieve the R1,000-crore book size.