Magma forays into personal loan segment

Magma Shrachi Finance, a listed asset finance company, has launched its personal loan portfolio today. The company plans to offer big-ticket personal loans. The interest rates charged would vary between 13 and 22 per cent.

Sanjay Chamria, vice-chairman and managing director of MSFL, said the entire sales, credit and recovery operation would be manned by an in-house team.

The company has build up adequate filters such as credit officers to ensure risk management, he added. The company will look at an initial business of Rs 30 crore per month.

It has a team size of 1,000 employees. The company would offer loans only at locations where it has experience in asset finance business, said Chamria. It will offer loan to salaried, self-employed professionals.

At present, the company does business from 54 locations across the country through a network of 161 offices.