Non banking financial company (NBFC), Magma Fincorp is planning to increase its loan portfolio to Rs 5,500 crore in this fiscal, an increase of 25% from previous year.
Sanjay Chamria, Vice-Chairman and MD of Magma Fincorp said, “We aim to grow our disbursements this fiscal by 25 per cent and have set a target of Rs 5,500 crore”.
The company provides a wide array of services such as car financing, SME loans, personal loans etc.
The loan disbursements for the company were Rs 4,559 crore previous fiscal. The company anticipates a 35% increase in commercial vehicle division, 7-8% in tractors, 24% in construction equipment sector.
Chamria added, “Our major focus this fiscal will be in states such as Orissa, Bihar and Andhra Pradesh. Our aim is to provide services to the have-nots, where banking services are not available for them”.
The present client base of the NBFC is more than 5 lakhs and 160 branches.