Magma Car Finance

1. Loans are processed within 4 hours and involve minimal documentation.
2. Offers end-to-end doorstep services.
3. Existing customers of Magma Fincorp can avail easy loans without income documents provided they have a good repayment record for 12 months or more.
4. Loans can be repaid through auto debit, monthly cash instalments, post-dated cheques, or Electronic Clearing Services (ECS).
5. Loans taken can be used to purchase passenger or commercial vehicles.
6. Salaried applicants can borrow up to 3 times their annual salary while self-employed professionals can borrow up to 6 times their annual income.

Magma Car Finance - Fees and Charges

Eligibility for Magma Car Loan

To be eligible for a car loan from Magma Fincorp, you need to fulfil the below-given conditions:

Documents Required for Magma Car Loan

Salaried Applicants:

1. KYC Documents - Proof of identification, signature, address proof, Date of Birth proof, etc.
2. Any one of the mentioned documents - Form 16 for the last 2 years and last months payslip, salary slip with corresponding credits in the bank account, or last 3 months payslip with proof of employment in the same organisation for 2 years
3. One-year residence stability proof

Self-employed Applicants:

1. KYC Documents - Proof of identification, signature, address proof, Date of Birth proof, etc.
2. Bank statement for 3 to 6 months
3. One-year residence stability proof
4. IT returns for the last 2 years along with computation of income.

Applicants with No Income Proof:

1. KYC Documents - Proof of identification, signature, address proof, Date of Birth proof, etc.
2. One-year residence stability proof
3. Proof of Agri Land holding (if you are an agriculturist)
4. Business proof for the past 2 years

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score