• Magma Car Finance

    Magma car Finance - Overview

    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.

    Perfect Car Loan Deals for you

    Key Features of Magma Car Loans

    • Loans are processed within 4 hours and involve minimal documentation.
    • Offers end-to-end doorstep services.
    • Existing customers of Magma Fincorp can avail easy loans without income documents provided they have a good repayment record for 12 months or more.
    • Loans can be repaid through auto debit, monthly cash instalments, post-dated cheques, or Electronic Clearing Services (ECS).
    • Loans taken can be used to purchase passenger or commercial vehicles.
    • 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

    Interest Rate 12% to 16%
    Processing Fees
    • Up to Rs.2.5 lakh – Rs.3,500
    • Rs.2.51 lakh to Rs.5 lakh – Rs.4,050
    • More than Rs.5 lakh – Rs.4,625
    • For select schemes – Rs.0
    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

    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

    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

    FAQs on Magma Car Finance

    1. I wish to apply for a car loan from Magma Fincorp. How do I do that?
    2. 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.

    3. I have no business proof. Can I still get a car loan from Magma Fincorp?
    4. 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.

    5. Can I avail of a car loan from Magma Fincorp if I do not have a bank account?
    6. 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.

    7. I have been staying at my current residence for the last 6 months. Am I eligible for Magma car finance?
    8. 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.

    9. Do I have to provide a guarantor to avail a car loan from Magma Fincorp?
    10. Answer: No. You do not have to provide a guarantor to avail a car loan from Magma Fincorp.

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