The Hindu Business Line : Magma Shrachi to offer personal loans

Mumbai, May 27 Magma Shrachi Finance Ltd, a financial services company, today announced that it will be entering the business of providing personal loans. The company will offer big-ticket personal loans to salaried individuals and the self-employed.The company will focus mainly on the rural and semi-urban areas. “This is our core area of competence and we have been present in this area for over two decades. It is from operating in these areas that we have grown from being a small regional player to a strong national player in the asset financing business,” said Mr V. Lakshmi Narasimhan, Senior Vice-President in-charge of the new business.

The company plans to launch the product across 54 locations in the country and has already set up a team to manage this business. “Launching efforts have been completed in the North and South and by June we expect to roll out the product in all locations. We have already launched at 30 locations. The company will initially look at a business of Rs 30 crore a month, which will be scaled up in the subsequent months,” said the Vice-Chairman and Managing Director of the company, Mr Sanjay Chamria.

Its product portfolio comprises commercial vehicle finance, car and utility vehicle finance, construction equipment finance, used commercial vehicle finance, strategic construction equipment finance and fee-based business with assets under management of Rs 7,412 crore.

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