Magma Fincorp, asset finance company is planning to increase disbursements by 40-45% this year. It is focusing on automobiles, particularly the tractor segment for sustained the growth through the year. The company will also focus on growing the higher yield products such as tractor and SME loans.
The company has drawn up plans to drive its disbursement in Tamil Nadu by another 40% in retail loans during the current financial year. The asset finance company has six branches in Tamil Nadu- Chennai, Coimbatore, Madurai, Salem, Vellore and Tiruchi - and employs over 213 people in the State.
Earlier year, entity had disbursed Rs 246 crore in Tamil Nadu. This is only 4% of the company’s turnover, compared to neighbouring Andhra Pradesh which contributed 11% last year.
