Magma Fincorp targets 15% growth in Uttar Pradesh

The Kolkata-based NBFC will focus on tractor finance, housing finance and used vehicle loans to fuel its growth

Kolkata-based Non-Banking Financial Company (NBFC) Magma Fincorp is targetting 15% growth in Uttar Pradesh (UP) during the current financial 2016-17.

The company, which continues to expand its footprint in UP, will focus on tractor finance, housing finance and used vehicle loans to fuel its growth.

In the first quarter (Apr-June) of 2016-17, Magma has clocked Rs 211 crore disbursements in UP, company's vice-president and business head (North) Sanjiv Jha told the media here.

"We enjoy deep presence and strong customer relationship in the state. Tractor finance has been our mainstay in UP and will continue going forward. We are confident that our renewed focus on rural and semi urban markets will come handy," he added.

Magma has 31 branches across UP in all the major towns and employs 970 people in the state.

Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Pan India, it manages loan book of Rs 18,000 crore and boasts of half million customers.