Magma Fincorp Limited today announced its growth plans for Karnataka. Magma, a leading player in asset financing, will disburse Rs 246 crores in retail loans in Karnataka in FY 11 – approximately 60% higher than FY’10. The company, headquartered in Kolkata, already has deep penetration in the state with 10 offices, with each of the offices covering a radius of 125 Km, to help achieve its ambitious business goal.
Mr Dhrubashish Bhattacharya, Vice President, Magma Fincorp Limited said, “Our focus is to penetrate deeper in the rural and semi urban markets and provide asset finance to the economically disenfranchised in the state. We expect to grow our business in the state by about 60% in this financial year. There would be a considerable increase in our manpower requirements as well. Our target is to consolidate our market share in the state”.
In the first half of 2010 – 11, all the products have seen considerable growth in Karnataka with Tractor, Car and Construction Equipment finance leading from the front strong growth in each segment, over the corresponding period of the last financial year. With aggressive marketing strategy in place, the company is on a major market expansion drive in South India. Company’s focus on rural markets also emphasizes it’s motto of bringing equality of opportunity to the economically disenfranchised.
Magma will shortly introduce Suvidha Loan – Refinance for User Commercial Vehicles in the state. 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.
Magma has presence in 10 cities in the state including branch offices in Bengaluru, Hubli, Devangere, Hospet, Mangalore, Mysore, Belgaum, Bagalkot, Shimoga & Tumkur and employs 170 people in the state.
“Magma has taken an aggressive target for business growth this year and we will promote our products with special focus on Commercial Vehicle, Car, Suvidha & Tractor finance across Karnataka”, added Mr Bhattacharya.
More From This Section
Magma has already undertaken a marketing campaign across the country. The initiative was started in August, 2010 and currently being scaled up to reach the monthly figure of over 500 activities by January 2011. Currently the company is holding about 300 sales and marketing promotion activities across the country including Loans Mela for new and old vehicles, Free Service Camp, Free Health Check up camp for truckers machine operators and their family members, Customer Meets, Blood Donation Camps & Eye Check up camps etc.
About Magma Fincorp Limited
Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations over two decades back, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.
Magma provides a bouquet of financial products including financing of Utility Vehicles & Cars, Commercial Vehicles, Construction Equipments, Tractors and SME Loans. Magma has a dedicated base of over 2.35 lac customers and has assets of approximately INR 9865 crores under management. The company has 170 branches in 20 states and 1 union territory and employs about 4800 people.
www.magma.co.in