Magma Fincorp Ltd., a leading NBFC, has announced its business growth plan for Tamil Nadu. The Kolkata-based company, with strong presence in semi-urban and rural Tamil Nadu, is aiming to grow business volume by 25 per cent in 2015 over its achievement in 2014, with specific focus on SME loans and Suvidha (used vehicle loans).
Addressing the media in Chennai, Mr. Dhrubashish Bhattacharya, Vice President, Magma Fincorp Ltd., said: “We will bank on SME loans and Suvidha to drive our numbers in Tamil Nadu, other than auto loans which has been our mainstay in the State so far. We would like our business to grow by 25 per cent in the current financial year. Over the past months, we have been able to build a strong team to deliver the numbers in SME and Suvidha and expect a growth of 25 per cent and 90 per cent respectively on the products. Auto loans and commercial vehicle too will contribute to push the overall volume to 25 per cent”.
Magma has eight branches in Tamil Nadu – in Chennai, Chennai (Non-Biz), Coimbatore, Madurai, Pondicherry, Salem, Vellore and Trichy, and employs 300 people all over the State.
Pan-India, the company has a network of 275 branches. Nearly 80 per cent of its branches are located in rural/semi-rural areas, ensuring proximity to target customers.