Fullerton India Credit Company (FICCL), one of the largest capitalised NBFCs, is targetting a 100% jump in loan disbursements in 2008 from Rs 2,500 crore in 2007. The company has a loan portfolio of Rs 1000 crore till date."We will disburse Rs 5000 crore in 2008-09 and will double the branch network. We currently have a customer acquisition rate of over 20,000 per month and this is likely to get scaled up to over one million customers per annum by the end of the next year. We hope to break even some time next year," said GS Sundararajan, MD & CEO, FICCL.The company has a committed capital of $300 million from the parent company of which $200 milion has already been pumped in and $100 million will be infused next year, said Sundararajan.Fullerton India has 500 branches across 215 locations with over 10,000 employees. The company started its pilot phase in April 2006 with 24 branches across various locations. The testing phase was completed in November 206 after which Fullerton India started rolling out its branches in a planned manner across the country.Over the next 18 months, Fullerton India plans to roll out 700 branches."We will be launching the rural strategy. It will start testing the pilots for the rural model in 2008 to cover the rural sector in this country. We plan to enter 2nd and 3rd level towns and are evaluating how to take the model in semi urban and rural areas," said Francis Andrew Rozario, chairman, Fullerton India.The company besides its own capital issues commercial paper which is AAA rated. The company will also be coming up with long term debentures of 2 to 3 years. The cost of funds is 7.5% to 8.5%. The ratio of salaried customers to self employed customers is 50:50. The average ticket size of the salaried customer is Rs 35,000 while the average loan size of the self employed is Rs 1 lakh.
