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Magma enters into personal loan segment

Magma Shrachi Finance announced the launch of its personal loan portfolio today

Apnaloan.com Research Bureau

28 May 2008

Magma Shrachi Finance (MSFL) announced the launch of its personal loan portfolio. 

The Company plans to offer big-ticket personal loans to salaried, self-employed professionals. The interest rates charged will vary between 13 and 22 per cent.

As reported by Business Standard, according to Mr. Sanjay Chamria, Vice-Chairman and Managing Director of MSFL, 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. The Company is looking at an initial business of Rs. 30 crore per month.

The company has a team size of 1,000 employees. The company will offer loans only at locations where it has experience in asset finance business.