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

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.

Get totally unsecured loan of 20 times of your net profit with the help of our team of Chartered Accountants.

Only requirement: 3 years ITR and turnover of 1 cr+. No collateral required.

Repayment Period: 1-5 years

Interested? Call us at +91-9911050333 or fill the form on the right

 

What is Business Loan?

Business loans, as the name suggests, are specifically intended for business purposes. Be it a startup or an established business, business loans offer a financial solution to problems faced by the firm and fills the cash flow gap. Be it for meeting day-to-day expenses, expansion of infrastructure or even product development, business loans play a huge role in setting the financial foundation strong for a business.

Characteristic of Business Loan

  • Businesses with bad credit can also apply but will have to provide proof that repayments can be done without delay.
  • Application fees are either non-applicable or minimal
  • The payment schedules are extendable with a nominal extra interest rate being applied
  • Extended lines of credit made available

Eligibility Criteria for Business Loan

  • Minimum 25 years of age and maximum 65
  • The business should have been in profit for atleast 3 years
  • A minimum turnover of 40 Lakhs for proprietorship, partnership firm and Pvt Ltd companies.
  • Income Tax return should be a minimum of 3 Lakhs
  • Net worth should be positive.
Who all can avail business loans?
  • Self Employed Individuals/Professionals
  • Sole Proprietorship Firms
  • Partnership Firms
  • Private Limited Companies

What documents are needed when applying for a business loan?

  • Identity Proof
  • Address Proof
  • Bank Statement for past 6 months
  • 3 years Income Tax Return with Balance Sheet, P&L and Audit Report

What are the tenure options available?

A minimum of 1 year to a maximum of 5 years.

Can I make part-prepayment?

Yes. Part pre-payment can be done with a minimum amount of Rs.50,000/- after 6 months from the date of disbursement of the loan. This can be made only once in a financial year.

Can I pre-pay my whole loan?

Yes. That is also possible, but after repaying a minimum of 6 EMIs. Pre-payment of loans will be charged as per the bank’s discretion.

How can I repay the loan?

The loan can be repaid through post-dated cheques or Electronic Clearing System.

Interested? Please leave your details and we will contact you soon