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Magma Fincorp Limited was incorporated in 1988 and started its operations in 1989. It is headquartered in Kolkata and is registered with the Reserve Bank of India. Today, the company offers services across 21 states via its 154 offices. Each branch is dedicated to an area of a 40 km radius as the company focuses on having a wider reach and better penetration across India. Over the years, the company has had various mergers and acquisitions to ensure organic business growth across sub-sectors.
What products and services does Magma Fincorp Offer?
Magma Fincorp offers a diversified product portfolio including:
- loans for cars and utility vehicles,
- loans for commercial vehicles,
- loans for construction equipment, tractors, used vehicles,
- loans for SME businesses,
- Affordable housing loans
- General Insurance
With the rapidly evolving consumer demand and changing dynamics following the start of the Covid-19 pandemic, the company offers individual and corporate customers a range of financial products and services in categories like:
- Commercial Vehicle Finance
- Construction Equipment Finance
- Car and Utility Vehicle Finance
- Suvidha Loans (Refinance)
- Strategic Construction Equipment Finance
- SME Loans
- Insurance
The company is known to have risen rapidly over the past few years by focusing on expanding physical infrastructure and making prudent investments. The company has achieved a compounded annual growth rate of above 70% in the last three years. It has outperformed the Indian financing industry’s average growth rate. The company is now focusing on ensuring sustainable growth over the next few years.