Magma Fincorp Mudra loan features:
| Magma Fincorp Mudra Loan 2020 | |
| Magma Fincorp Mudra Loan Amount | Max. up to Rs. 10 lakh |
| Magma Fincorp Mudra Loan Interest Rate | 8.05% |
| Mudra Loan Amount: Shishu scheme | Up to Rs. 50,000 |
| Mudra Loan Amount: Kishore scheme | Between Rs. 50,000 and Rs. 5 lakh |
| Mudra Loan Amount: Tarun scheme | Between Rs. 5 lakh and Rs. 10 lakh |
Magma Fincorp Mudra Loan Purpose:
Following is a list of the activities that can be covered under MUDRA loans:
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Transport Vehicle: Purchase of transport vehicles to transport goods and passengers such as auto-rickshaws, small goods transport vehicles, 3 wheelers, e-rickshaws, taxis, etc. Tractors/Tractor Trolleys/Power Tillers used only for commercial purposes are also eligible for assistance under PMMY. Two Wheelers used for commercial purposes are also eligible for coverage under PMMY.
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Community, Social & Personal Service Activities: Salons, beauty parlours, gymnasium, boutiques, tailoring shops, dry cleaning, cycle, and motorcycle repair shops, DTP and Photocopying Facilities, Medicine Shops, Courier Agents, etc.
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Food Products Sector: Papad making, achaar making, jam/jelly making, agricultural produce preservation at the rural level, sweet shops, small service food stalls and day to day catering/canteen services, cold chain vehicles, cold storages, ice-making units, ice cream making units, biscuit, bread and bun making, etc.
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Textile Products Sector / Activity: Handloom, power loom, khadi activity, chikan work, zari and zardozi work, traditional embroidery and handwork, traditional dyeing and printing, apparel design, knitting, cotton ginning, computerized embroidery, stitching, and other textile non-garment products such as bags, vehicle accessories, furnishing accessories, etc.
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Business loans for Traders and Shopkeepers: Financial support for lending to individuals for running their shops/trading & business activities/service enterprises and non-farm income-generating activities with a beneficiary loan size of up to 10 lakh per enterprise/borrower.
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Equipment Finance Scheme for Micro Units: Beneficiary loan size of up to 10 lakh.
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Activities allied to agriculture: Pisciculture, beekeeping, poultry, livestock-rearing, grading, sorting, aggregation agro industries, diary, fishery, agri-clinics, and agribusiness centres, food & agro-processing, etc.
Magma Fincorp Mudra loan types:
Magma Fincorp Mudra Loans are provided under three categories ranging in different sums of the amount loaned:
Shishu Yojana
This category of Mudra Loan is best suited for micro or small business owners. The particular business can apply for up to Rs. 50,000 in the loan amount. This scheme is specifically customized for those who need a small capital to set-up their new business. To avail of this loan, the applicants have to present their business ideas.
Kishor Yojana
This Mudra Loan category is best suited for the business owners who have a running business and want to expand it as a more viable enterprise. The particular business can apply from Rs. 50,000 up to Rs. 5 lakhs in the loan amount. To avail of this loan, the business must fill the loan application and present proper business documents to showcase its current status in the market.
Tarun Yojana
This Mudra Loan category is best suited for the small business owners who have a full-fledged running business and want to expand more. The particular business can apply for up to Rs. 10 lakhs in the loan amount.
About Magma Fincorp Mudra loan:
Micro Units Development and Refinance Agency (MUDRA) is a Non-Banking Financial Company (NBFC) constructed to engender
and facilitate the Micro-Enterprise Sector. As one of the prominent public lenders for micro and medium enterprises, Bank offers MUDRA loans under the GOI scheme. The loan facilitates micro-credit to small scale industries ranging from Rs. 50,000 to Rs. 10 lakhs.
Magma Fincorp Mudra loan Eligibility Criteria:
The following business categories are eligible to apply for the Magma Fincorp Loan:
- Food production sector
- Agricultural activities
- Artisans
- Business vendors and shopkeepers
- Textile industry
- Small manufacturers
- Repairing shops
- Truck owners
- Self-proprietors
- Service sector firms
Magma Fincorp Mudra loan documents required:
The Following document are must and should be presented while applying for the loan:
- Identity Proof: Aadhaar Card, Passport, Voter I-Card, Driving License etc. and 2 Passport-sized photographs of the applicant (must).
- Residential Proof: Aadhaar Card, Passport, Bank statements, telephone or electricity bill, or Address of the enterprise (if any).
- Quotation Proof: Items to be purchased for business use (if any).
- The license of the enterprise (if any).
Magma Fincorp Mudra Card
A Mudra card is a debit card that is issued against the loan taken under the PMMY account.
MUDRA Card can be used in multiple withdrawals and credits to manage the working capital limit in a cost-efficient manner while keeping the interest burden to a minimum.
A MUDRA Card can be operated across the country to withdraw cash from any ATM/micro ATM and make payment through any ‘Point of Sale’ machines.
How to Apply for Magma Fincorp Mudra Loan?
- Visit Dialabank.
- Go to the loan section and click on the Mudra loan link.
- Check the eligibility criteria for Pradhan Mantri Mudra Yojana offered by Magma Fincorp and fill a user-friendly online application form for Mudra Loan.
- One of our relationship managers will soon get in touch with you for further process.
- For more information and free guidance, you may call on +919878981166.
Magma Fincorp Mudra Loan Agent and Contact Number
Dialabank is the leading agent for availing Magma Fincorp’s Mudra Loan. You can apply online at Dialabank or give a call at +919878981166
Dialabank helps you find the best option of Banks and NBFCs by providing you with a detailed market comparison of different banks to make the right choice.
Magma Fincorp Mudra Loan FAQs
✅ What is the interest rate Magma Fincorp Pradhan Mantri Mudra Yojana scheme?
The interest rates charged on the PMMY scheme are 8.05% and vary on the borrower’s credit history.
✅ Is there any subsidy for the Magma Fincorp Pradhan Mantri Mudra Yojana scheme?
Presently there are no subsidies available on the PMMY scheme.
✅ Is there any security needed for the Magma Fincorp Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured in nature; thus, the borrower does not need to keep anything as collateral or security with the lender.
✅ Is a guarantor required for the Magma Fincorp Pradhan Mantri Mudra Yojana scheme?
Loans under the PMMY scheme are unsecured; therefore, no form of security is required.
