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Magma Fincorp Ltd will be increasing its focus on vehicle loans in Andhra Pradesh and Telangana.
“We are targeting 20 per cent growth in the present financial year by increasing our disbursal of cars and tractors,” Dhrubashish Bhattacharya, Vice-President and Head of Sales (Tractor Finance) told newsperson here on Thursday.
Magma disbursed ₹562 crore in the two States during the financial year ended March 31, 2014. It has 24 branches in Andhra and Telangana and would consolidate business rather than expanding them this year, he added.
The Kolkata-based non-banking finance company had earlier announced that it would raise ₹500 crore for expansion.
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