Magma eyes Rs 311 cr loan disbursal

Magma Fincorp Limited, one of India's leading retail asset finance companies, has set a loan disbursal target of Rs 311 crore in Orissa in 2010-11.

If achieved, this would be 88.48 per cent surge over the disbursal figure of Rs 165 crore which the company had achieved in 2009-10.

Of the total disbursal figure of Rs 165 crore, car loans had the biggest share of the pie at Rs 58 crore followed by construction equipment at Rs 54 crore, commercial vehicles at Rs 40 crore and tractor loans at Rs 13 crore.

Addressing media persons here, Debashish Roychoudhury, regional business head, Magma Fincorp Limited said, “We are eyeing a loan disbursal of Rs 311 crore in Orissa in the current financial year. Loans disbursed for construction equipment would have the highest share at 27 per cent, followed by car loans at 25 per cent, commercial vehicles at 23 per cent and tractors at 11 per cent.

The balance 14 per cent of the amount would be set aside for 'Suvidha' loans under which the company will offer loans on used commercial vehicles and used construction equipment.”Magma Fincorp employs over 400 people in the state. Besides having a regional office in Bhubaneswar, the company has branch offices in locations like Anandapur, Angul, Balasore, Barbil, Behrampur, Bhubaneswar, Bolangir, Chandikhol, Jajpur, Jharsuguda, Keonjhar, Paradeep, Rourkela and Sambalpur.

“By penetrating deeper in the state, we will focus on providing asset finance to the economically disenfranchised in the state. We expect to grow our business in Orissa by over 87 per cent in the current financial year”, Roychoudhury said.