Magma Fincorp Limited (formerly Magma Leasing Limited) was incorporated in 1988 and commenced its operations in 1989.
To strengthen its business, the company merged with Arm Group Enterprises in 1992. In early 2007, to strengthen its services even more, Shrachi Infrastructure Finance Ltd. (SIFL), a non-banking retail financing company, was merged with Magma to create a new financial services powerhouse: Magma Shrachi Finance Limited. On August 2008, it was renamed as Magma Fincorp.
It is headquartered in Kolkata (India), and registered with the Reserve Bank of India and is represented by a qualified team of over 4500 Magmaites. In response to the rapidly evolving demand of an India on the move, they offer individual and corporate customers a range of financial products and services in: commercial vehicle finance, construction equipment finance, passenger car finance.
Interestingly, they rapid growth over the last few years is not just derived from company conscious initiative in growing company physical infrastructure; it originates in the prudent investments that they have made in lasting relationships - with team members, alliance partners, customers and vendors As a result, they have achieved a compounded annual growth rate of over 70 per cent over the last three years. They have outperformed the growth in the Indian financing industry. And in doing so, the company has emerged as a dynamic industry proxy Now by the same approach, they expect to make this growth as sure as company expect to make it sustainable. Resulting in an organization that is stronger and more responsive to growing needs of a dynamic nation.
Today, it offers its services in 21 states through 154 offices. Each branch caters to an area of 40 km radius - down from 125 km just a year ago - translating into a wider reach and better penetration.
Services offered by the company:
In response to rapidly evolving demand, it offers individual and corporate customers a range of financial products and services in:
2011Magma Fincorp gets R1 approval from IRDA to launch general insurance business2012Magma Fincorp acquires GE Capital India's Housing Finance & Home Equity Loans Businesses2014Magma launches Tyre Loan for Existing Customers