Apply Magma Fincorp SME Loan Business Loan Online

Explore 2017 Interest rates available for Magma Fincorp SME Loan. Check eligibility criteria, documents required and get instant approval.

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Magma Fincorp SME Loan

Magma Fincorp SME Loan is the best way to meet your business cash flow requirement. This money helps a business owner to invest in trade, industry, or in assets. There is no primary or collateral security required for SME Loan from Magma Fincorp.

Magma Fincorp SME Loan Interest rates

Magma Fincorp SME Loan Interest rates starts from 17.05%.

Other Charges, Fees and Commissions for Magma Fincorp SME Loan are mentioned below-

Processing Charges2.0%
E M I Bounce ChargesMIn Rs. 1000
Fore Closure Charges5%
Other ChargesNil
Duplicate Statement ChargesRs. 1000
Insurance CoverUpto Loan Amount

Magma Fincorp SME Loan Eligibility

Broadly, there are three categories of applicants that are eligible for Magma Fincorp SME Loan-

  • Manufacturers – This category includes hospitality, logistics, clearing and forwarding, education, doctors, engineers, chartered accountants, consultants, private and government contractors, healthcare.
  • Service providers – This category includes all major sectors including engineering, automobiles, chemicals, pharmaceuticals, dairy, packaging, food, agricultural products, fertilizers jewellery etc.
  • Traders – It includes all types of retailers, wholesalers, stockists, super-stockists and distributors.

Above mentioned profile should meet the following criteria-

  • There is requirement of at least five years of operations for the business
  • There should be minimum turnover of Rs. 40 lacs in the manufacturing and trading industries, and Rs.15 lacs in the service industry.
  • Profit in cash required for the previous two years.
  • There should be no balance of banking and loan payment history.

Magma Fincorp SME Loan Documents

Below mentioned are the documents required for loan sanction from Magma Fincorp-

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