Tag: magma fincorp

Magma to reduce exposure in tractor loans

Magma to reduce exposure in tractor loans

03/08/2017 12:59

Magma Fincorp was looking at reducing exposure in tractor loans in overall portfolio, an official said as per the PTI report.

“We are looking to reduce our exposure to tractor loans in our overall portfolio. We want to focus more on the used assets segment and the affordable housing space going ahead,” Magma CEO (Housing Finance and Small and Medium Enterprise) Manish Jaiswal said.

Tractor portfolio already reduced to 18 per cent in the last one year from 28 per cent, officials said.

Under the housing finance portfolio, Jaiswal said the company would like to focus more on the home loans segment as against the loan against property category.

Magma Fincorp currently has a mix of 70 per cent loan against property and 30 per cent home loans.

“We want to reverse this ratio in subsequent quarters”, officials said.