Magma Fincorp has entered into Co-origination arrangement with ICICI Bank for Asset backed finance business i.e., loans for Car, Commercial Vehicles and Construction Equipment, both new and used. This arrangement represents an alternate model of disbursals for Magma that would be asset light and create a sound revenue model through fee income. The company’s responsibility under this co-origination agreement shall include sourcing and servicing of loans and collection of repayments from the customers.
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).
