Magma Fincorp to offer Rs.246-cr retail loans in Karnataka

BANGALORE - Leading Kolkata-based non-banking finance company Magma Fincorp Limited Saturday said it will disburse Rs.246 crore in retail loans across Karnataka this fiscal.

“Our focus is on penetrating into rural and semi-urban markets for providing asset finance to the economically disenfranchised across the state,” Magma vice-president Dhrubashish Bhattacharya said in a statement here.

As an asset financing firm, Magma will soon launch ‘Suvidha loan’ to refinance purchase of user commercial vehicles in the state with lower interest rates and tailor-made schemes.

Suvidha offers loan on all makes of used commercial vehicles, with attractive interest rates and tailor-made schemes. Simple documentation and quick turnaround time will ensure convenience of prospective customers.

“We expect to grow our business by about 60 percent in this fiscal and consolidate our market share in this state,” Bhattacharya said.

The company has presence in 10 cities across the state — Bagalkot, Bangalore, Belgaum, Davangere, Hospet, Hubli, Mangalore, Mysore, Shimoga and Tumkur.

“We are on a major market expansion drive in south India to focus on rural customers to provide equal opportunity to the economically weaker sections,” Bhattacharya said.

Registered with the Reserve Bank of India, the company provides a bouquet of financial products, including financing of utility vehicles and cars and loans to small and medium enterprises.

“We have 2.3 million customers across the country and assets valued at Rs.9,865 crore under management,” Bhattacharya added.