Magma Fincorp Limited
Magma Fincorp Limited (“Magma”) is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company, having started operations in 1989 in Kolkata, is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.
Magma, head-quartered in Mumbai, today offers a diversified product portfolio: loans for cars and utility vehicles, commercial vehicles, construction equipment, tractors, used vehicles, SME businesses, mortgage finance as well as Housing Finance and General Insurance.
While Magma is an established player with a track record of nearly three decades in Asset finance, In 2012-13 year, it launched Home loans following the acquisition of the mortgage business of GE India. Magma entered in to General Insurance business through Magma HDI General Insurance Company, a joint venture with HDI Global SE. The HDI Global SE brand, is a part of Hannover based Talanx group, the third-largest German insurance Group operating in around 150 countries of the world.
Magma has a strong focus on Rural and Semi-urban sectors in India. The company has a pan India network of 305 Branches spread across 22 states, 80% of which are in semi- urban and rural markets. Magma has serviced the loan requirement of nearly 1.8 million customers to date and currently manages a Loan book of Rs 15500 crore.