Magma Fincorp targeting 20% growth in Kerala

KOCHI: Magma Fincorp Limited, a Kolkata based NBFC, is targeting 20% growth in Kerala in 2015-16. The company will focus on auto loans, housing finance and used vehicle loans (suvidha) to deliver the numbers.

Magma recorded Rs. 482 crore disbursements in Kerala in FY 15. The company has ten branches in Kerala at present.

"Our focus on auto loans which has been our mainstay in the state so far will continue and we are confident that our renewed focus on the rural and semi-rural markets will come handy,’’ said Dhrubashish Bhattacharya, vice president, Magma Fincorp Limited.

“Over the past months, we have been able to build a strong team to deliver the numbers in auto loans and affordable housing and expect to grow at over 20% in each of the products”, Bhattacharya added.

Magma has a dedicated base of around 6 lakh plus active customers and manages a loan book of Rs 18,812 crore. The company has 228 branches in 21 states and employs around 9,600 people.