Magma Fincorp targets Rs 1,200-cr advances in UP

Company bullish on tractor, housing finances and used vehicle loans

Kolkata-based Magma Fincorp is targetting 20% growth in advances to over Rs 1,200 crore in Uttar Pradesh during the current fiscal 2015-16.

Last financial year, Magma had clocked Rs 1,020 crore disbursements in the state across verticals.

The company is bullish on the tractor finance, housing finance and used vehicle loans to achieve the 20% growth trajectory, Magma vice president and business head (North) Sanjiv Jha said here.

In housing finance, the company is focusing on the affordable home segment, which continues to expand in the big and smaller towns.

"Over the past months, we have been able to able to build a strong team to deliver the numbers in the tractor and affordable housing segments," he informed.

Magma is expanding to such territories, which are still largely untouched by its competitors offering housing and other loans.

In UP, it has 23 branches at Allahabad, Gonda, Mirzapur, Varanasi, Pratapgarh, Farrukhabad, Fatehpur, Kanpur, Lakhimpur Kheri, Lucknow, Rae Bareli, Renukoot, Bareilly, Gorakhpur, Jhansi, Hardoi, Lucknow, Mau, Etawah, Aligarh and Banda.

This year, the company targets to open 10 new branches at Sitapur, Barabanki, Sultanpur, Basti, Moradabad, Shahjahanpur, Auraiya, Hamirpur, Kannauj and Unnao.

Magma Fincorp is a non-deposit taking non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations over two decades back and is listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Pan India, it has over a million customers and manages loan book of Rs 18,800 crore.