MAGMA Business Loan

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About Magma Fincorp

Magma Fincorp Limited (MFL), a Kolkata based non-banking financial company (NBFC) registered with the RBI as an Asset Finance Company operates more than 290 branches in 22 states and a union territory. It has a strong presence in rural and semi-rural areas of the country.Since its inception in 1988, MFL has been driven by a single, purposeful goal of "investing in the smallest dream". During the past 28 years, the company has serviced 1 million+ customers.

Offering a bouquet of financial products to its customers, MFL's team of 8800 Magmaites are always energetic and looking to support its customers as a friendly financier and guide.

About Magma Fincorp Business Loan

The SME loans offered by Magma Fincorp can be divided into three broad categories.

  • Collateral  Free SME Loans
  • Express Business Loans
  • Loans for Self Employed Doctors

Magma Fincorp provides collateral-free business loans starting from Rs. 3lacsuptoRs. 2 crores to SME enterprises for a tenure ranging from 12 to 48 months and Express Business Loans i.e Unsecured Business Loans or Collateral free SME Loans up to Rs 10 lacs to Micro SME Enterprises for a tenure ranging from 12 to 36 months. These loans can be used as working capital, for purchasing new machinery, business expansion etc.

Proprietors, partners, private limited companies, trusts, and societies, etc. are all eligible for collateral free SME loans and self-employed professionals and non-professionals engaged in manufacturing and trading are eligible for Express Business Loans from Magma Fincorp.

The eligible applicants can be classified into three categories:-

  • Manufacturers (Major manufacturing sectors such as engineering, automobiles, chemicals, pharmaceuticals, dairy, packaging, food, agricultural products, fertilizers, jewelry etc.) can avail both- Collateral Free SME Loans and Express Business Loans
  • Service providers (Hospitality, logistics, education, doctors, engineers, chartered accountants, consultants, private and government contractors, etc.)can avail Collateral Free SME Loans.
  • Traders (Retailers, wholesalers, stockists, super-stockists, and distributors)can avail both- Collateral Free SME Loans and Express Business Loans.

Additionally, Magma Fincorp offers zero collateral loans from Rs. 2 lacs toRs. 30 lacs with tenure ranging between 12-60 months to self-employed doctors.

Why apply for a Magma Fincorp Business Loan

  • For working capital
  • Purchasing new machinery
  • Business expansion
  • For collateral free general purpose loans

Magma Fincorp Business Loan Features & Benefits

  • No collateral required.
  • The largest collateral-free loan provider in India which offers loans from Rs. 2lacs to Rs. 2 crores.
  • Easy documentation
  • Quick processing
  • Competitive SME Loan interest rates starting at 16%
  • Flexible and customized loan payment options.

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Magma Fincorp Business Loan Fees & Charges

 Types of Charges Charges applicable
  Processing Charges  2.0%
  EMI Bounce Charges  Min. Rs. 1000/-
  Foreclosure Charges  5%
  Duplicate Statement Charges  Rs. 1000/-
  Other Charges  Nil
  Insurance Cover  Up to Loan Amount

Magma Fincorp Business Loan Eligibility Criteria

  • The doctors eligible for Magma Fincorp Business Loans are-
  • Self-Employed doctors in the full-time professional practice.
  • Allopathic doctors with valid IMA accredited degree
  • Post Graduate doctors (MD/DM/MS/MCH/MDS) with at least 5 years of post-qualification experience or graduate doctors (MBBS/BDS) with at least 8 years of post-qualification experience.
  • Self-Employed Doctors who own a clinic/nursing home/hospital and have an income from consultancy/salary.
  • Companies and Firms where at least 60% of directors (of companies) and partners (of firms)are qualified doctors and own a clinic/nursing home/hospital.
 DOCTORS SMEsMSMEs
 
  • Eligible for Loans for Self Employed Doctor 
  • At least 4 years basis Certificate of Practice
  • Minimum age 25 years; maximum age 65 years at loan maturity
  • Clear banking history
  • Positive net worth in last 2 years
  • Good CIBIL score
  •  Eligible for Collateral  Free SME Loans
  • An enterprise must have at least 5 years of business operations.
  • Minimum turnover should be Rs. 40 lacs in the manufacturing and trading industries; and Rs.15 lacs in service industries.
  • Cash profit for the last two years.
  • Banking and loan payment history must be clear.
  • Business net worth must be a positive figure.
  • Business should have demonstrated growth in turnover.
  • Eligible for Express Business Loans
  • At least 3 years of operations for the business
  • Clear banking history
  • Positive business net worth
  • Growth in turnover
  • Good credit rating in CIBIL

  • Interest Rate 18% - 19%
  • Loan Amount1L - 1Cr
  • Processing Fee 2%
  • Tenor3 Years

  • Quick Apply

Documents Required for Magma Fincorp Business Loan

  • KYC documents such as identity card, passport, etc.
  • Company Financials audited by a Chartered Accountant
  • Banking and Loan payment history
  • Proof of Property Ownership
  • Loan Obligation statement

Additional documentation only for doctors are-

  • Qualification proof
  • Certificate of Practice
  • IMA registration certificate

 

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