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    Magma Car Loan EMI Calculator

    Not everyone of us is blessed a large surplus of money that can be dipped into at any point of time. So, what does an individual do when they want to purchase a car but they do not have the finances required to make the purchase? They go to a bank or lender and apply for a car loan. Individuals aged 21 years and above can apply for car loans at Magma if they wish to purchase a new or used car. The bank offers car loans of up to 100% of the on-road price for a car. By using the Magma Car Loan EMI Calculator, you can calculate your monthly EMIs on car loan received from Magma.

    How to use BankBazaar Magma Car Loan EMI Calculator to understand your car loan repayment?

    Magma car loans can be repaid through Equated Monthly Installments (EMI). To calculate your car loan EMI, just input the loan amount, interest rate, and loan tenure in the BankBazaar Magma Car Loan EMI Calculator. Your car loan EMI will be instantly displayed on the screen. The BankBazaar car loan EMI calculator takes prepayments into consideration while calculating the EMI.

    Calculate your Car Loan EMI

    Magma Car Loan EMI Calculator – How does it work?

    The Magma Car Loan EMI Calculator on the BankBazaar website can be used to instantly calculate the total cost of your car loan which includes the loan amount, total interest payment, and the processing fee. All you have to do is move the slider on the scale to indicate the loan amount and loan tenure. Then, enter the car loan interest rate and processing fee. Click on the Calculate button and the EMI will be displayed.

    This tool also gives you the option to enter prepayment amount, frequency, and charge when computing the EMI. The tool also gives you a monthly and yearly amortisation schedule for car loan repayment. EMI is calculated using the following formula:

    EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],

    Where, P is the principal amount, R is the interest rate, and N is the number of installments.

    Example: Listed below is a sample of the EMI calculations for an average loan amount of Rs.10-40 lakh for a loan tenure of 3 to 7 years. Magma offers car loans for an interest rate which ranges between 12% to 16% depending on a number of factors. Let us consider the interest rate as 12%

    Loan amount (Rs.) Processing fee Interest rate (Mean) EMI for 2 years (Rs.) EMI for 3 years (Rs.) EMI for 4 years (Rs.) EMI for 5 years (Rs.) EMI for 6 years (Rs.) EMI for 7 years (Rs.)
    10 Lakh 2% 12% 47,073 33,214 26,334 22,244 19,550 17,653
    15 Lakh 2% 12% 70,610 49,821 39,501 33,367 29,352 26,479
    20 Lakh 2% 12% 94,147 66,429 52,668 44,489 39,100 35,305
    25 Lakh 2% 12% 1,17,684 83,036 65,835 55,611 48,875 44,132
    30 Lakh 2% 12% 1,41,220 99,643 79,002 66,733 58,651 52,958
    35 Lakh 2% 12% 1,64,757 1,16,250 92,168 77,856 68,426 61,785
    40 Lakh 2% 12% 1,88,294 1,32,857 1,05,335 88,978 78,201 70,611

    Magma Car Loan EMI Calculator – Features and Benefits

    Magma Car Loan EMI Calculator is simple and easy to use. Some of the special features and benefits of the tool includes:

    • Free of charge: The EMI calculator available on the BankBazaar website can be used free of cost. The tool can be used any number of times. You don’t have to sign up to use the tool.
    • Instant result: The tool provides you instant EMI calculation with the click of a button.
    • Accurate calculation: With the online EMI Calculator, there are no chances of error.
    • Compare loan rates: Higher interest rates mean higher EMIs. Using the EMI calculator, you can compare various car loan rates and choose the one that best serves your needs.
    • Loan tenure adjustment: Longer loan tenure means lower EMIs. However, you may end up paying a higher interest amount. With the help of the EMI calculator, you can adjust the car loan tenure to avoid paying more interest.
    • Impact of prepayment: Loan prepayments can have a significant change in your EMIs. Input the prepayment amount, frequency, and charge in the EMI calculator to find out how it affects your car loan EMI.

    Magma car loan EMI calculator FAQs

    1. Why use Magma Car Loan EMI Calculator?
    2. In addition to performing instant EMI calculations, you can also find out how prepayments will affect your car loan repayment and accordingly prepare a budget to make equated monthly installments without fail.

    3. What does the EMI amortisation schedule comprise of?
    4. The car loan EMI amortisation table consists of starting balance, interest paid, principal paid, and the ending balance.

    5. Who are eligible to apply for a car loan at Magma?
    6. Self-employed individuals, salaried persons, farmers, agriculturalists, businessmen, pensioners, and companies can apply for Magma car loans.

    7. What is the prepayment charge for Magma car loans?
    8. There is no prepayment charge levied for partial or full payment of the car loan before the end of the loan tenure.

    9. What is the maximum car loan amount offered by Magma for used cars?
    10. For used cars, lower of 70% of the cost of the used car up to 4 years old, 60% of the cost of the used car 4 to 5 years old or Rs.3.5 lakh.

    11. Is an online car loan EMI calculator better than an excel sheet for EMI calculation?
    12. Car loan EMI calculator is not only easy to use but also gives your accurate and instant results whereas an excel sheet can be time consuming and inaccurate if the formula is not formatted correctly.

    Car Loan Reviews

    • Magma Car Loan
      "Average service"
      0.5 1.5/5 "Bad"
      I have been using my car loan with Magma Fincorp previously, they have given me sufficient loan amount ,the rate of interest they have charged me was high,and the processing fee they have charged me was high , i was not happy with there service.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Jan 08, 2019
    • Magma Car Loan
      "Interest rate should be economical"
      0.5 4.0/5 "Great!"
      I took car loan from Magna Fincorp they gave me 10% of interest . It is higher compared to bank rates but that people came to my place and connected the documents and disbursed the amount, the process was easy within 20 days they delivered the car.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 01, 2018
    • Magma Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with MAGEMA FINANCE , The customer service and response was good they answer to all my query . The loan amount was 270000 and it is satisfactory . The rate of interest and charges are okay as per the market price. I am happy with services .
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 25, 2018
    • Magma Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My car loan experience was average with Magma, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 4 years.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Aug 09, 2018
    • Magma Car Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      My experience with Magma Fincorp was not satisfactory. I had a car loan with them and the whole process was not up to the mark. The rate of interest and processing charges was high and when I went over to close the loan, there were a lot of charges taken.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 02, 2018
    • Magma Car Loan
      "Need to be transparent"
      0.5 1.0/5 "Really Bad"
      Earlier I took my car loan with Magma Fincorp and it was closed 1.5 years back. They are not transparent and lot of hidden charges. I had purchased SWIFT. The rate of interest was around 9% which was nominal. The processing fee was high. They provided a 70% loan to purchase a car.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • Magma Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have closed my car loan with Magma Fincorp and the loan experience was very good. The loan amount was for Rs 4 lakhs with the nominal rate of interest when compared to other sources. The process was smooth and i received my loan amount within the given time. Customer service was good and they followed up on time. The tenure of the loan is 5 years.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jan 16, 2018
    • Magma Car Loan
      "Quick approval, Excellent service & interst rate to b better"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with Magma Fincorp. I have approached my dealer since I don't have IT they offered loan so I have gone with Magma service. The rate of interest was very high compared to other banks. I am paying around 11,780 per month through ECS. The process was very faster and simple.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 09, 2017
    • Magma Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I took this loan in past 2011i took Car loan from MAGMA FINANCE . it was a good customer service i received from the MAGMA side. they gave me a full approval onthe amount i asked for .the money got Dibursed in a week to the dealer .the Rate of interest was low from the bank side .the Processing fee was also low . they provided the option of Per closure and part payment . it was a good experience with MAGMA .
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 01, 2017
    • Magma Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I had purchased a new car with the help of Magma Finance. The rate of interest is normal like other bankers. They have given 100% loan on road. I pay a premium of 13K through cash. The documentation process is simple. The loan disbursement was on time. There is no pre closure charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 27, 2017
    • Magma Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Magma fincorp.The loan amount is 1.85 lakhs,rate of interest is nominal as compared to other banks,tenure is for 3.5 years.The EMI amount is 5383 paid monthly.I make payment through online.The net banking service is good.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 21, 2017
    • Magma Car Loan
      "Customer friendly"
      0.5 5.0/5 "Blown Away!"
      Magma gave me 18% of interest on car loan, I took Maruthi swift worth Rs. 7.8 lakhs, I paid the down payment around one lakh remaining all paid by EMI. Now loan got closed, their customer support is also great , but they don't have proper call center rest of things its good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 06, 2017
    • Magma Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am really happy with the service and the experience i had with the MAGMA FINSERV as i took a car loan from there . it was good as took the loan on January . the loan amount was of 8 lakhs i got a rate of interest of 7.25% and also there was no processing fee charged . the customer service was real good from their side delivered me the proper information .
      Was this review helpful? 1
      , bhopal
      Reviewed on Sep 21, 2017
    • Magma Car Loan
      "Satisfactory "
      0.5 2.0/5 "Expected more"
      I am having the car loan with the Magma finance limited and the interest rate is around 9%. The loan amount got disbursed to my account within two days of time. Response is good one. Also they have offered the top up loan too. Customer service is not really a good one.
      Was this review helpful? 1
      , meerut
      Reviewed on Aug 23, 2017
    • Magma Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Within 3 days of time Magma fin-corp has disbursed my car loan. The magma fin-corp came to my place to collect the required documents and they are done with the verification process within 24 hours of time. The rate of interest is nominal with Magma fin corp. I am happy and satisfied with the service and the loan amount.
      Was this review helpful? 1
      , thane
      Reviewed on Jul 06, 2017
    • Magma Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have requested car loan from Magma Fincorp to enlarge my car. Based on IT return, Income proof and car value they going to offer a loan. Currently I have Innova car. Magma fincorp taken some documents from end they will approve after registration of my car. Magma offered me the interest rate around 12.5% of car loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 29, 2017
    • Magma Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The service with magma finance limited is really good. They took around 1 week to disburse my car loan, The rate of interest is high with magma , The customer service with magma was average. I am satisfied with the loan amount of Rs.11 lakhs. I can say it was good service from magma fincorp.
      Was this review helpful? 3
      , alwar
      Reviewed on Jun 08, 2017
    • Magma Car Loan
      "Quick in process"
      0.5 5.0/5 "Blown Away!"
      It was an amazing experience with Magma Fincorp with regards to my car loan application. It was an excellent process and very convenient as well. The rate of interest was normal and the processing charges were also minimal when compared to other banks like HDFC Bank.
      Was this review helpful? 0
      , jodhpur
      Reviewed on May 19, 2017
    • Magma Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      It was much better experience with magma finance group in concern to my car loan application. There response and the follow up was good. The rate of interest and the charges are bit high when compared with others. It would be great if they bring down the interest rate.
      Was this review helpful? 2
      , jaipur
      Reviewed on May 03, 2017
    • Magma Car Loan
      "Not a good service"
      0.5 1.0/5 "Really Bad"
      Having contacted Magma for the car loan, sorry to say that I did not get a proper service from them.I had given instructions for ECS. I had produced all the required documents to them for the ECS instruction however the same was not action ed. Its because of which I had incurred a lot charges. I had been instructed to pay rs 1000 for the same issue at the end of the loan tenure only then they would provide the NOC it seems. Every month I had to visit the branch for paying the EMI via cash which I completely dislike.
      Was this review helpful? 5
      , faridabad
      Reviewed on Oct 22, 2016
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