Magma Car Finance

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Eligibility for Magma Car Loan

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
Age	Minimum age - 21 years at the time of loan application Maximum years - 60 years at the end of the loan tenure	Minimum age - 21 years at the time of loan application Maximum years - 67 years at the end of the loan tenure
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

Documents Required for Magma Car Loan

Salaried Applicants:

• KYC Documents - Proof of identification, signature, address proof, Date of Birth proof, etc.
• 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
• One-year residence stability proof

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Self-employed Applicants:

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

Applicants with No Income Proof:

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

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FAQs on Magma Car Finance

1. I wish to apply for a car loan from Magma Fincorp. How do I do that?

   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.

2. I have no business proof. Can I still get a car loan from 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.

3. Can I avail of a car loan from Magma Fincorp if I do not have a bank account?

   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.

4. I have been staying at my current residence for the last 6 months. Am I eligible for Magma car finance?

   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.

5. Do I have to provide a guarantor to avail a car loan from Magma Fincorp?

   Answer: No. You do not have to provide a guarantor to avail a car loan from Magma Fincorp.

About the Author

Annie Jangam

Annie Jangam is a financial writer with a unique background in biotechnology and eight years of genomics research experience, culminating in 6 international publications. She combines her analytical and communication skills to simplify complex financial concepts, delivering precise and creatively engaging content in the fintech industry. She covers various financial products such as banking, insurance, credit cards, tax, commodities, and more. Outside of the financial realm, she dabbles in poetry. Her extracurricular passions include organizing events like One Billion Rising and Human Rights Day. She is committed to the equality of all people, a principle rooted in her Christian faith. Annie strives to embody the values of faith, hope, and love in both her work and her life.