MAGMA SME LOANS PRODUCTS & SERVICES By Magma

UNSECURED SME 

Collateral Free Business Loans upto 2 Crores for SME Enterprises

PURPOSE

Loans for a wide range of Business purposes

FEATURES AND BENEFITS For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • Loans without any primary or collateral security requirements
  • Loan – Rs. 3 lakhs to 2 Crores
  • Loan Tenure – 12 to 48 months

 

WHO IS ELIGIBLE?

Proprietors, partners, private limited companies, closely held limited companies, listed companies, trusts and societies are all eligible for SME loans from Magma

Manufacturers:

Includes all major sectors including engineering, automobiles, chemicals, pharmaceuticals, dairy, packaging, food, agricultural products, fertilizers, jewellery etc.

Service providers:

Includes hospitality, logistics, clearing and forwarding, education, doctors, engineers, chartered accountants, consultants, private and government contractors, healthcare.

Traders:

All types of retailers, wholesalers, stockists, super-stockists and distributors

ELIGIBILITY CRITERIA For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • At least five years of operations for the business
  • Minimum turnover of Rs. 40 lacs in the manufacturing and trading industries, and Rs.15 lacs in the service industry.
  • Cash profit for the previous two years.
  • Clear banking and loan payment history.
  • Positive business net worth.
  • Demonstrated growth in turnover 

DOCUMENTATION For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • KYC documents
  • Company Financials
  • Banking and Loan payment history
  • Property Ownership proof
  • Loan Obligation statement

 

EXPRESS BUSINESS LOANS

Unsecured Business Loans upto Rs 10 Lakhs for Micro SME Enterprises

PURPOSE

Working capital requirement, business expansion, purchase of machinery etc.

FEATURES AND BENEFITS For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • Loans without any primary or collateral security requirements
  • Loan – Rs. 3 lakhs to 10 lakhs
  • Loan Tenure – 12 to 36 months

WHO IS ELIGIBLE?

Self-employed professionals and non-professionals engaged in Manufacturing or Trading.

Manufacturers:

All major sectors including engineering, automobiles, chemicals, pharmaceuticals, dairy, packaging, food, agricultural products, fertilizers, jewellery etc.

Traders:

All types of retailers, wholesalers, stockists, super-stockists and distributors

ELIGIBILITY CRITERIA For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • At least three years of operations for the business
  • Clear banking and loan payment history
  • Positive business net worth
  • Demonstrated growth in turnover
  • Good credit rating in CIBIL

DOCUMENTATION For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • KYC documents
  • Company Financials
  • 6 months Banking
  • Property Ownership proof
  • Loan Obligation statement

LOANS FOR SELF EMPLOYED DOCTORS

Zero Collateral Loans upto Rs. 30 Lakhs

FEATURES AND BENEFITS For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • Loans without any primary or collateral security requirements
  • Loan – Rs. 2 lakhs to 30 lakhs*
  • Loan Tenure – 12 to 60 months

* depends on sourcing location

WHO IS ELIGIBLE?

  • Self Employed Doctors who are practicing on their own
  • Clinics / Nursing Homes / Hospitals where 60% of the directors / partners are qualified doctors
  • Allopathic doctors with valid IMA accredited degree
  • Post Graduate Doctors (MD/DM/MS/MCH/MDS) with Minimum 5 years of post qualification experience
  • Graduate Doctors (MBBS/BDS) with Minimum 8 years of post qualification experience

Self-Employed Doctors of MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • Self-Employed Doctors who own a clinic/nursing home/hospital
  • With an income from Consultancy/salary income

Companies and Firms Companies:

  • Min 60% of directors to be qualified doctors and owning a clinic/nursing home/hospital

Firms:

  • Min 60% of partners to be qualified doctors and owning a clinic/nursing home/hospital

ELIGIBILITY For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • At least 4 years basis Certificate of Practice
  • Minimum age 25 years and maximum age 65 years at loan maturity
  • Clear banking and loan payment history.
  • Positive net worth in last 2 years
  • Good credit rating in CIBIL

DOCUMENTATION For MAGMA SME LOANS PRODUCTS & SERVICES By Magma

  • KYC documents
  • Company Financials
  • 6 months Banking
  • Property Ownership proof
  • Qualification proof
  • Certificate of Practice
  • IMA registration certificate

MAGMA’S SME LOANS FAQS?

WHAT ARE MAGMA SME LOANS ALL ABOUT?

At Magma Fincorp Ltd., we understand the unique needs of small and medium enterprises (SMEs) and are keen to support them in their growth. We fund short-term loans up to Rs. 2 crores without any primary or collateral security for business needs, and with payment options for 12 to 48 easy installments. We also offer options of advance installments and structured repayment schedules to match your credit cycle requirements.
 

We provide loan without adequate lead-time within seven working days to facilitate seamless forward movement for your company. With competitive SME loan interest rates, flexible repayment options and a team of dedicated professionals bringing our services to your doorstep, any dream is possible

 

WHAT ARE THE DIFFERENT TYPES OF SME LOANS WE PROVIDE?

Working capital:
To bridge the working capital gap and foster growth of businesses.

Business Expansion:
For expansion of manufacturing facilities, increasing product lines, geographical expansion, technology upgrades, forward/backward integration, augmentation of project loan etc.

Margin Money Funding:
Margin money required for machinery purchase/LC/BG, purchase of business premises, etc.

WHAT IS THE LOAN PROCESS?

Step 1: Submit loan application with required documents.

Step 2: Personal visit from credit manager.

Step 3: After clearance of queries, if any, decision is made

Step 4: Disbursement after submission of agreement and PDCs

All key internal processes are handled by a dedicated and knowledgeable in-house team to ensure your application is given due attention and to maintain the highest level of confidentiality.

 

HOW DO I APPLY?

  • Leave your contact details
  • Write to us
  • Visit any of our branches.

WHAT DOCUMENTATION IS REQUIRED FOR AN SME LOAN?

  • Financial statements from the last three years.
  • Bank statements for the past 6 months.
  • Incorporation documents.
  • Proof of address for factory and/or office.
  • Proofs of age, address and signature for all parties involved in the agreement.
  • Validation proof and tax receipts for the current year’s turnover.

IS THERE A PRE-PAYMENT OPTION FOR YOUR PRODUCT?

Yes. You can prepay the loan any time after 6 months with a pre payment fee as per loan agreement.

 

WHAT IS THE MAXIMUM LOAN I CAN BORROW?

We provide maximum Loan of upto Rs 2 Crore without collaterals.

 

WHAT ARE MY TENURE OPTIONS?

Yes. You can choose tenure options between 12 months to 48 months. Self employed Doctors can get loans upto 60 months.

CAN I GET AN SME LOAN WITHOUT A BANK ACCOUNT?

You would need to show a bank statement for the past 6 months.

I STAY 75 KM FROM YOUR NEAREST BRANCH OFFICE. CAN I STILL GET THE SME LOAN?

Yes. You can take SME loan upto 125 kms from the nearest branch.

About

Since we set up shop in 1989, we’ve been driven by one single, purposeful goal- investing in the smallest dream. A loan every minute, a million lives touched every year; we manage assets worth over Rs.160 billion, for us it is just a beginning.

Over 80% of our 235+ branches are in semi-urban and rural India; our family of 8000+ Magmaites, and Magma Fincorp’s 26+ years experience in underwriting has enabled us to extend support to the masses that have been excluded by the traditional financial systems.

About

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