Fullerton India, a non-banking finance company, hopes to end the current fiscal with double-digit growth in business, aided by strong momentum in rural and urban businesses and expansion of distribution network.

The company plans to add 20-25 branches in the second half of this fiscal. Currently, it has over 527 branches across the country.

Fullerton’s rural business has been recording strong growth at 45-50 per cent,primarily driven by a ramp-up in the distribution network. “With good monsoon, we expect the rural market to sustain the growth level this fiscal,” said Rakesh Makkar, Executive Vice-President and Head – Business, Marketing and CSR, Fullerton India.

He said urban markets are also expected to post healthy growth in the personal loan segment.

The average loan size in rural area is ₹25,000-30,000, while in the urban areas it is about ₹2.5 lakh.

Waiver schemes

The company has announced special offers in Tamil Nadu. It will offer 0.50 per cent waiver on interest rates for personal loans, special gifts for high-value loans, and a 50 per cent waiver on processing fees for women borrowers.

These offers will be valid from October 1 till Diwali. Fullerton has a network of 73 branches in Tamil Nadu, of which, 50 are located in rural areas.

Apart from personal loans, Fullerton also provides loans against property, business loans, livelihood advancement loans and two-wheeler loans. As of August 2016, its assets under management in Tamil Nadu stood at ₹1,496 crore.

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