Magma Fincorp offers car finance of up to 100% of the car’s value at interest rates that range between 12% and 16%. The repayment tenure on the loan ranges between 12 months and 60 months while salaried applicants can enjoy a maximum repayment period of 84 months. Prepayment facility is offered on Magma car finance.
|Interest Rate||12% to 16%|
|Foreclosure Charges||5% of the principal outstanding (allowed only after 6 months from date of availing of the car loan|
|Late Payment Penalty||3% per month|
To be eligible for a car loan from Magma Fincorp, you need to fulfil the below-given conditions:
|Criteria||Salaried Applicants||Self-employed Applicants|
|Employment Status||Working for the same employer for a minimum of 2 years||Should be in the same line of business for a minimum of 2 years|
|Minimum Annual Income||Rs.1.5 lakh||Rs.1 lakh|
|Residential Stability||Should have lived at the current residence for at least 1 year||Should have lived at the current residence for at least 1 year|
Answer: There are 3 ways to apply for a loan from Magma Fincorp. The first way is to apply through the official website of Magma Fincorp. The second way is to fill up a ‘Request A Callback’ form present on the car loan section of the website and the third way to apply for a car loan is to walk-in to the nearest branch of Magma Fincorp.
Answer: Yes, you can get a car loan from Magma Fincorp even if you do not have an income or business proof under the Tatkal and No Income Proof schemes.
Answer: Yes, you need to open a new bank account (if you do not have one already) to avail of a car loan from Magma Fincorp under the Tatkal scheme.
Answer: Unfortunately, no. To be eligible for a car loan from Magma Fincorp, you need to have lived in your current residence for at least one year. However, if you are living at your own place or your parents’ place, you will be eligible for a car loan with just 6 months of residence stability.
Answer: No. You do not have to provide a guarantor to avail a car loan from Magma Fincorp.
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