Financial Services Company Magma Shrachi Finance announced their entry into personal loan business, with main focus on rural and semi-urban market. Magma Shrachi Vice-Chairman and Managing Director Sanjay Chamria said preparations for the launch of the product in northern and southern India is complete and by June the product will be launched in all the locations.
He added "We are launching (the product) in 54 locations across India and already have set up our team to manage the business."
Company sources said at the time of filing to the Bombay Stock Exchange the company has a target of initial monthly turnover of Rs 30 crore and hopes to increase it up subsequently.
"The company will offer the product to salaried, self-employed professional and non-professionals," he said.
The company sources said that in the country several leading players have withdrawn from personal loan market but it will continue to focus on the rural and semi-urban market.
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