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Magma Fincorp offers unsecured loans for providing financial assistance for meeting the business needs of self-employed professionals, business owners of Micro and Small Enterprises in rural, semi-urban, urban and metro sectors. These loans are given to ensure business growth or for meeting the urgent financial needs of the business, like the purchase of plant and machinery, equipment or related assets. The long term repayment option is beneficial for small businesses as it gives them sufficient time to repay it.

Highlights

ParticularsMagma Fincorp SME Loan

Rate of Interest

Starts from 16% p.a. onwards

Amount of Loan

Rs. 7 lakhs – Rs. 2 crores

Loan Tenure

Up to 3 years

Availability 

Rural areas

Loan Application Process

Minimal documentation and fast approval

Type of Loan

Unsecured Business Loan

Eligibility Criteria

  • individuals, professionals, sole proprietorships, partnership firms and private limited companies, which include closely-held public limited companies
  • The minimum annual turnover for a financial year should be Rs.40 lakhs for manufacturing and trading industries
  • Minimum annual turnover for a financial year should be Rs.15 lakhs for service industry like Proprietorship, Partnership Firm, Private Limited Companies, Limited Companies (closely held), Societies and Trusts
  • Minimum business experience for individuals and enterprises should be at least 5 years before applying for the loan
  • Business should show profitability for past 2 years
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