Magma

Magma

Magma Fincorp Limited is a Kolkata based non-banking financial company registered with the Reserve Bank of India as an Asset Finance Company. It operates more than 235 branches in 21 states and a Union Territory, and boasts a strong presence in rural and semi-rural India. Incorporated in 1988 by Mr. Mayank Poddar, it commenced operation in 1989. In 1992, the company merged with Arm Group Enterprises to further consolidate its presence and later in 1996 forayed into retail financing businesses for vehicles and construction equipment.

About Magma

Magma Fincorp financial services possesses a diversified product portfolio: loans for cars and utility vehicles, commercial vehicles, construction equipment, tractors, used vehicles, SME businesses, mortgage finance, as well as Housing Finance and general insurance. Following the acquisition of the mortgage business of GE India, it launched loans for mortgaged finance. It also made its entry into general insurance business through Magma HDI General Insurance Company, a joint venture with HDI Gerling. A part of Hannover based Talanx group, the HDI-Gerling brand is the third largest German insurance Group operating in around 150 countries of the world. In 2008, Magma re-branded and renamed itself as Magma Fincorp Limited. In 2009, it inked a joint venture with German insurer HDI Gerling to enter general insurance business.

Vision and Mission

The vision of the company is to become India’s largest retail asset finance company. It believes in playing a significant role in fuelling India’s growth, by investing in the dreams of its people. Its egalitarian processes aspire to reach out to all sections of society and lend a helping handing their progress. The Bank’s vision is to become the largest retail asset-financing company in the country tomorrow, so it begins with the smallest dream today. For over two decades, Magma Fincorp finance has set new benchmarks for the retail financing industry by setting new benchmarks for ourselves. Each loan facilitated by the company is a testament to its core values. The mission is to continue to provide service excellence in retail-financing to bring happiness and property to all. It strives to open doors for entrepreneurs across the length and breadth of the country, this facilitating the property and innovation that will drive India forward. It endeavours to reach the tools they need to translate their dreams into reality.

Magma Fincorp Loans

Magma Fincorp Home Loan: this can be availed for residential, commercial and plot collateral security. The company understands the unique needs of low and middle income housing segment where end users are keen to own their own home. The different types of home and home equity loans provided by the company, are for construction and purchase of property, for acquiring a plot for house construction, for resale, renovation/Home Improvement and Extension of an existing house, for balance transfer and top-up of an existing Loan from a few specified Lenders, and for personal as well as for business purpose, Loan Against Property is available. It extends localized processing of the customers’ proposals, in order to assist property purchase. There are multiple product options as specified by Magma Fincorp loan details.  It starts from an amount as low as Rs. 3 lakh onwards. Magma Fincorp loan advantage under this scheme is that it can be availed for a wide range of personal and business purposes through Loan Against Property. The wide home loan tenures range from 1 to 20 years. This scheme also provides Project Finance for Developers.

The features and advantages of this scheme include, flexible documentation, quick processing, end-to-end doorstep service from the nearest Magma office, etc. The borrowers can enjoy competitive Magma Fincorp home loan interest rate, coupled with customer-friendly terms and conditions. The well-trained and knowledgeable team of the company assists the applicants throughout the housing finance scheme. This loan can be availed by any individual, proprietor, partner, partnership entity, corporate-entity. It is also offered to developers making residential projects/townships.

Valid KYC documents must be available in the names of all the borrowers. The borrower should also ensure continuity of income with requisite stability norms. He/she should also satisfy other eligibility criteria including, clear banking and loan repayment history, legal and technical clearance of the property-collateral, and positive checks and references. Salaried individuals and/or business owners from diverse segments, including manufacturers, service providers, traders and retailers, self-employed professionals, and entrepreneurs, are eligible for this loan.  

Magma Fincorp Business Loan : the company provides SME loans from Rs. 3 lakhs to 2 crores for the various business requirements of customers. Business loan from Magma Fincorp comes with no primary or collateral security requirements. It caters to a wide range of businesses and purposes. The loan tenure ranges from 12 to 48 months. The company also offers options of advance installments and structured repayment schedules to match the credit cycle requirements of the borrowers.

  • The collateral-free Business/SME loans up to 2 crores for SME enterprises can be used for a number of business purposes such as working capital, buying new machinery, etc. proprietors, partners, private limited companies, closely held limited companies, listed companies, trusts and societies are all eligible for this loan from Magma Fincorp.
  • It also offers Zero Collateral Loans up to Rs. 30 lakhs for Self-Employed Doctors. The loan tenure is from 12 to 60 months. The applicant should have at least 4 years basis Certificate of Practice. The age range of the borrower should be between 25 years and 65 years (at loan maturity).
  • The company also has a scheme of Express Business Loans, i.e. Unsecured Business Loans or Collateral free SME loans up to Rs. 10 lakhs for Micro SME Enterprises. The flexible loan tenure ranges between 12 and 36 months. self-employed professionals and non-professionals engaged in Manufacturing or Trading are eligible for this loan.

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