Magma Fincorp Business Loan
Last Updated : Oct. 26, 2016, 7:07 a.m.
Small and Medium sized enterprises engaged in trading and manufacturing services can avail the advantage of Magma Fincorp business loan to accelerate their business. The collateral free loan is available for the minimum amount of Rs. 3 lakhs to the maximum value of Rs. 2 Crores. The rate of interest ranges between 17% p.a. to 21% p.a. The benefit of loan can be availed up to the highest tenure of 48 months. Go and grab the deal to give your business a new height.
Magma Fincorp Business Loan Details
| Particulars | Details |
|---|---|
| Rate of Interest | 17.5% p.a – 21% p.a |
| Loan Amount | Rs. 3,00,000 – Rs. 2,00,00,000 |
| Minimum Tenure | 12 months |
| Maximum Tenure | 48 months |
| Type of Loan | Unsecured |
| Prepayment | Allowed after 6 months |
How To Apply :
You can apply for Magma Fincorp business loan in any of the following ways :
- By visiting the nearest branch office
- Apply Online
- Send an SMS
- Request a callback
Magma Fincorp Business Loan EMI Calculator
Want to know how much EMI you have to pay for the loan you are willing to take. Yes, you can do this by using the EMI calculator. The Business Loan EMI Calculator provides an insight of the payment you need to pay in future. You just need to enter the loan amount, tenor and the rate of interest.
Let’s try out on the sample calculator below :
| Particular | Details |
|---|---|
| Loan Amount | Rs. 2,00,00,000 |
| Tenure | 48 months (4 years) |
| Rate Of Interest | 17% p.a. - 21% p.a |
| EMI | Rs. 5,77,101 - Rs. 6,19,314 |
Table Showing EMI, Total Interest Amount and Total Repayment Amount
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| Rs. 2,00,00,000 | 1 year | 17% p.a. - 21% p.a | Rs. 18,24,095 - Rs. 18,62,275 | Rs. 18,89,140 - Rs. 23,47,306 | Rs. 2,18,89,140 - Rs. 2,23,47,306 |
| Rs. 2,00,00,000 | 2 years | 17% p.a. - 21% p.a | Rs. 9,88,845 - Rs. 10,27,713 | Rs. 37,32,287 - Rs. 46,65,112 | Rs. 2,37,32,287 - Rs. 2,46,65,112 |
| Rs. 2,00,00,000 | 3 years | 17% p.a. - 21% p.a | Rs. 7,13,055 - Rs. 7,53,501 | Rs. 56,69,964 - Rs. 71,26,048 | Rs. 2,56,69,964 - Rs. 2,71,26,048 |
| Rs. 2,00,00,000 | 4 years | 17% p.a. - 21% p.a | Rs. 5,77,101 - Rs. 6,19,314 | Rs. 77,00,841 - Rs. 97,27,067 | Rs. 2,77,00,841 - Rs. 2,97,27,067 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 3,561,705 - Rs. 3,813,278 | Rs. 3,111,934- Rs. 3,870,063 | Rs. 16,186,722- Rs. 16,438,295 |
| 2 | Rs. 4,386,024 - Rs. 4,514,509 | Rs. 2,410,703- Rs. 3,045,744 | Rs. 11,672,213- Rs. 12,052,271 |
| 3 | Rs. 5,401,121 - Rs. 5,344,690 | Rs. 1,580,522- Rs. 2,030,647 | Rs. 6,327,523- Rs. 6,651,150 |
| 4 | Rs. 6,335,584- Rs. 6,661,802 | Rs. 597,678- Rs. 780,614 | Rs. 0 |
Feature and Benefits
- Loans available without any primary or collateral security
- Maximum sanction limit up to Rs. 2 Crores
- Wide range of tenure varying from 12 months to 48 months
- Simple documentation and quick disbursement
- Personalized service
Who Can Apply For Magma Fincorp Business Loan
The following group of candidates can apply for Magma Fincorp business loan :
- Proprietors, partners, private limited companies, closely held limited companies, listed companies, trusts and societies
- All major manufacturing sectors including engineering, automobiles, chemicals, pharmaceuticals, dairy, packaging, food, agricultural products, fertilizers, jewellery etc.
- Service- providing sector including hospitality, logistics, clearing and forwarding, education, doctors, engineers, chartered accountants, consultants, private and government contractors, healthcare
- All type of traders such as retailers, wholesalers, stockists, super-stockists and distributors
Eligibility Criteria :
The loan will be sanctioned to the business entity conforming to the following criteria –
- An Enterprise should have been operating for at least five years
- 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
Documents Required:
- KYC documents
- Banking and Loan payment history
- Property Ownership proof
- Loan Obligation statement
- 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
Magma Fincorp Customer Care Contact Number
For all queries, complaints, suggestions and grievances contact the customer care executives. Dial the toll– free number 1800 3002 3202 or visit the nearest branch office.