Magma Car Loan

(About Magma Fincorp)

Magma Fincorp was established in 1989 and its primary focus is on retail finance. Products and services offered include financing commercial, passenger and utility vehicles, construction equipment, loans to SMEs, home loans, gold loans, mortgage loans and general insurance. It has more than 280 branches in and around India.

Magma Car Loans

Magma offers car loan with unique interest rates, customer-friendly service and provides 100% loan amount. Loan tenure for salaried customers is up to 84 months and for others the tenure ranges between 12-60 months. Salaried borrowers are eligible for loan amounts up to three times their yearly income and self-employed borrowers are eligible for up to 6 times their annual income.

Why should you opt for Magma Car loan?

Magma offers financing for both new and used cars at incomparable interest rates, quick processing, low processing fees, and with flexibility in repayment of EMIs. Magma car loans also come with doorstep service and fast and easy loan disbursal. Interest repayment can be made through Post-dated cheques, ECS, cash and so on. Eligibility requirements are inclusive as income proof is not mandatory and guarantor is not required. Prepayment option is offered at 5% of outstanding balance. All these unique features can be availed only when you opt for Magma Car Loan.

Are you eligible for a Magma Fincorp car Loan?

You are eligible to avail a car loan from Magma if you meet the following eligibility criteria:

SALARIED CUSTOMERS

• The applicant should be employed in the same company for two years or above.
• The applicant’s minimum age should be 21 years and maximum age limit should be below 60 years of age at the end of the loan tenure.
• He/she should have a minimum annual salary of Rs. 1, 50,000.
• He/she should have residential stability for a minimum period of one year.

SELF EMPLOYED CUSTOMERS

• The applicant should have been in the same business for two years or more.
• The applicant’s minimum age should be 21 years and under 67 years at the end of the loan tenure.
• He/she should have an annual income of at least Rs. 1, 00,000.
• He/she should have residential stability for a minimum period of one year.

What are the documents required to apply for a Magma car loan?

The documents required at the time of application are - age proof, identity proof, proof of address, signature verification , Proof of employment with same company for 2 years, income proof in the form of pay-slips or bank statements, 2 years’ tax returns, and so on.

What are the different types of Car Loan Schemes offered by Magma?

Magma Online Car Loans: LTV provided is up to 100% with minimal documentation.

Tatkal Loan Scheme: LTV provided is up to 60% - 65% on ex-showroom price. The documentation required includes - proofs for id, address, age and signature and latest bank statements.

Magma Privilege Scheme: For existing Magma customers with consistent repayment record, loan amount offered is 1.5 times the existing loan amount. There is no need for submitting documents all over again.

Agri-Land Based Funding: LTV provided is 80% on ex-showroom price. Document required is proof of agri-land property which should fall between 3-5 acres.

No Income Proof Scheme: LTV provided is up to 75% for ‘B’ segment cars and 65% for 'C' segment cars. Documents required is latest two years business/property proofs.

How to apply for Magma Car Loans

Prospective customers can apply for Magma car loans directly at a Magma branch office or by logging into the Magma website and providing your contact details to a Magma representative. Customers can also apply online through BankBazaar.com where the applicant will be required to fill in details such as name, address, State, City, Phone no. and the type of car you wish to finance, loan details such as loan and EMI amount sought and loan tenure, employment details such as income, proof of income and when you need the loan.

BankBazaar.com is an online financial site that helps customers to get information and compare car loans on offer from various financial institutions and banks. This website enables you to eliminate the need to visit websites/branches of different institutions and collect information and thus save time, money and effort.