The Hindu Business Line : Family Credit to add 35 new branches

Hyderabad, April. 17 Family Credit, a non-banking finance company fully owned by Societe Generale Consumer Finance, France, is planning to ramp up its India operations by doubling its branches.

The Kolkata-based NBFC would add 35 new branches to its existing 36 branches by end of December 2008, Mr Parthanil Ghosh, Country Head (India), Family Credit, told Business Line here.

“Though our network is now present across the country there will be more focus on tapping the South Indian market over the next two years,” Mr Ghosh said.

Plans were afoot to open new branches in the tier-II and tier-III towns, he added.

Family Credit, which has disbursed Rs 300 crore to over 50,000 customers as new, used-car and two-wheeler loans, is optimistic about small ticket personal loans ranging between Rs 10,000 and Rs 40,000.

“We have given personal loans to over 20,000 customers till now. Our immediate focus is on personal loan portfolio,” he said.

The interest rate on personal loans is between 24 per cent and 30 per cent.

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