Magma targets 60% growth

Magma Fincorp Limited, a Kolkata-based non-deposit NBFC, has set itself a target of disbursing Rs 246 crore as retail loans in Karnataka in FY 11. This, the company claims, is approximately 60 per cent higher than that disbursed during FY’10. Magma, headquartered in Kolkata, already has 10 offices in the state, with each office covering a radius of 125 km, to help achieve its ambitious business goal.

Dhrubashish Bhattacharya, Vice President, Magma Fincorp Ltd, said, “Our focus is to penetrate deeper into the rural and semi-urban markets and provide asset finance to the economically disenfranchised in the state. We expect to grow our business in the state by about 60 per cent in this financial year. There would be a considerable increase in our manpower requirements as well. Our target is to consolidate our market share in the state.”

In the first half of 2010-11, all products have seen considerable growth in Karnataka with tractor, car and construction equipment financing leading from the front. There’s been strong growth in each of the segment over the corresponding period of the last financial year. With aggressive marketing strategy in place, the company is on a major market expansion drive in South India. The company’s focus on rural markets also emphasises it’s motto of bringing equality of opportunity to the economically disenfranchised.

Magma will shortly introduce Suvidha loan - refinance for user commercial vehicles in the state.

Suvidha offers loan on all makes of used commercial vehicles, with attractive interest rates and tailor-made schemes. Simple documentation and quick turnaround time will ensure convenience of prospective customers.

Magma has a presence in 10 cities in the state including branch offices in Bangalore, Hubli, Devanagere, Hospet, Mangalore, Mysore, Belgaum, Bagalkot, Shimoga and Tumkur, and employs 170 people across the state. “Magma has taken an aggressive target for business growth this year and we will promote our products with special focus on commercial vehicle, car, Suvidha and tractor finance across Karnataka,” added Bhattacharya.