Magma Fincorp provides unsecured loans that are ideally aimed to provide financial aid towards business needs of self-employed professionals, business owners typically those who would be falling under the category of Micro and Small Enterprises in rural, semi-urban, urban and metro areas. These loans can help out in the growth or in meeting urgent financial demands of any business.
This secured loan is provided to self-employed individuals or entrepreneurs for the sake of furthering their business through the purchase of plant and machinery, equipment or other moveable assets. Long repayment terms allow the loan to function as an effective working capital tool.
An unsecured business loan as this has a few eligibility criteria to be met in order for the financial institution to be able to sanction the loan. The eligibility requirements can be mentioned as follows –
SME Loan from Magma Fincorp is a specific term loan with repayment period of up to 3 years (lowest 1 year).
Based on the credit-worthiness of the applicant, placement of the enterprise and validity of documents, Magma Fincorp can provide loans from INR 7 lakhs up to INR 2 crores.
Interest rates for a SME Loan could depend on the base lending rate and is based on the discretion of Magma Fincorp. Further changes to the rates could be done by Magma Fincorp as and when required. As per November 2015, the interest rate could start from 16% per annum.
The standard list of required documents for applying for this loan are mentioned as follows –
The above set of documents comprise the minimum required list. To aid in credit approval, Magma Fincorp might ask for extra documents if necessary.
The SME Loan from Magma Fincorp is a good financing option for urgent financial needs on business grounds.
Some key features of this specialised loan are as follows –
The loan can be applied for through Magma Fincorp’s website, wherein relevant forms can be filled out and requisite documentation provided to initiate the process of availing the loan. Additionally, one could call or mail Magma Fincorp requesting an executive assistance for application process.
One can also apply for Magma Fincorp SME Loan through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.