• Magma Finance Car Loan Status

    Have you decided on the make and model of car that you wish to drive home? Magma Fincorp offers auto loan up to 100% of the value of the car at competitive interest rates with flexible payment options, speedy processing, and minimal documentation. The loan tenure can range from 12 months to 84 months depending on the customer’s loan repayment capacity.

    Why do customers opt for Magma Finance Car Loan?

    Here are some reasons why customers prefer Magma Finance for car loan:

    • One can obtain auto loan from Magma Fincorp to purchase passenger cars, commercial vehicles, multi-utility vehicles, etc.
    • Magma Fincorp offers end-to-end doorstep service to its customers.
    • Less paperwork is involved for car loans up to 70% of the total value of the car. Car loan processing depends on just your KYC and bank documents.
    • Magma Fincorp offers flexible car loan repayment options which includes ELectronic Clearing Services (ECS), Auto Debit Arrangement (ADA), Equated Monthly Installments (EMI) and Post Dated Cheques (PDC).
    • Salaried professionals can borrow up to 3 times their annual pay while self-employed persons can borrow up to 6 times their annual income.
    • Existing Magma Fincorp customers can get easy loans with a good track record of loan repayment for 12 months or more. Existing customers need not provide income documents to apply for a car loan at Magma Fincorp.
    • Magma Fincorp offers personalised customer services and has a streamlined documentation process in place to ensure that loan is processed and approved quickly.

    Who is eligible for Magma Fincorp Car Loan?

    At Magma Fincorp, you can get loans for utility vehicles, cars, passenger vehicles, tractors, commercial vehicles, and used vehicles. The different types of car loans offered by Magma Fincorp include agri-based car loans, Tatkal car loans, no-income proof car loans, car loan for commercial use, and car loan for salaried or self-employed.

    Salaried employees must have minimum 2 years work experience, be 21 to 60 years old, have a minimum annual income of Rs.1.5 lakh, and must be residing in the current address for minimum 1 year. Self-employed customers must be in business for minimum 2 years, be 21 to 67 years old, earn minimum Rs.1 lakh per year, and must have a stable residence for minimum 1 year. Supporting documents that an applicant has to be submit along with a duly-filled and signed car loan application form varies from scheme to scheme.

    Car loan applicants have to submit KYC documents such as identity proof, address proof, and income proof. Form 16, last 3 months' payslips and bank statements are needed for income proof.

    Magma Finance Car Loan Interest Rates and Charges

    Interest rate for car loan at Magma Fincorp varies from 12-16% depending on various factors. Customers can apply for a car loan online through the company website. Magma Finance levies 5% of the principal outstanding charge for loan pre-closure after 6 months from the date of loan agreement. There is a 3% late payment penalty fee per month. Customers have to pay a processing fee of Rs.3,500 for a car loan up to Rs.2.50 lakh, Rs.4,050 for car loan from Rs.2.51 lakh to Rs.5 lakh, and Rs.4,625 for car loan above Rs.5 lakh. On select schemes, the processing fee is nil.

    Check Magma Finance Car Loan Status Online

    Customers can submit an online form on the Magma Fincorp website for any queries, complaints or feedbacks that they may have. Here is a step-by-step guide to track Magma Finance car loan status online through the company website:

    • Step 1 - Click on the 'Contact Us' tab on the bottom left corner of the webpage.
    • Step 2 - You will be directed to a new web page wherein you have to Enter your name, mobile number, email ID, and city in the respective boxes.
    • Step 3 - Select your state from the drop-down box.
    • Step 4 - Verify if you are a new customer or an existing customer.
    • Step 5 - Select the type of query you need assistance with - customer service, general inquiry, feedback or complaint.
    • Step 6 - Choose your product from the drop-down box, in this case it will be car loan.
    • Step 7 - Type your message in the message box.
    • Step 8 - Recheck the information provided by you in the form and ensure it is correct.
    • Step 9 - Click on the 'Submit' button.

    An authorised representative from Magma Fincorp will call or SMS to the mobile number provided by you.

    How to Check Magma Finance Car Loan Application Status?

    Whether your car loan application has been approved or rejected, knowing your car loan application status can help you plan a better financial future. There 3 methods by which one can check Magna Finance Car Loan status, online (company website), offline (branch office), and customer care (toll-free number). Customers can 'Request A Callback' by submitting an online form on the company website. Enter personal details such as your name, mobile number, email ID, city, state, and car loan status query in the online form. Click on the ‘Submit’ button. An authorised agent of Magma Fincorp will call you back.

    Track Magma Finance Car Loan Status by Loan Application Number

    At the time of applying for a Magma Finance car loan, you will be given a reference number or application number with which you can track your car loan application status. When contacting the company to enquire about the status of your car loan application, state your reference number or application number.

    Magma Finance Car Loan Application Tracking by Mobile Number

    Magma Finance car loan application status can be tracked by your mobile number. Customers can 'Request A Callback' by submitting an online form on the company website. All you have to do is enter your personal details such as name, mobile number, email ID, city, state, and car loan status query in the online form. Click on the ‘Submit’ button. An authorised agent of Magma Fincorp will call you back to answer your query.

    Know Magma Finance Car Loan Status through Customer Care Numbers

    From driving your first car to owning a fleet of vehicles, at Magma Fincorp, you can make your dream come true with different types of auto loans that are offered at competitive interest rates. Magma Fincorp has adopted the latest technologies to provide easy access to credits for customers in urban, semi-urban, and rural areas. 45% of its offices are situated in rural areas while 34% is present in semi-urban places and 20% in urban areas. The company caters to eligible customers within 125 km radius of its branch office. Call toll-free number - 1800 3002 3202 or email at customercare@magma.co.in to know Magma Finance car loan status.

    Check Magma Finance Car Loan Status Offline

    Magma Fincorp operates out of 297 offices in 29 states across India. With over 27 years of experience in insurance and financial services, the company manages Rs.180 billion in assets. Visit the company’s official web page to locate a Magma Fincorp branch office in your area. Click on the ‘Branch Locator’ tab to locate a branch near you. At the time of applying for a car loan at Magma Finance, you will be given a reference number or an application number which can be used to track your loan application status. Visit the branch office nearest you and specify your application number in order to track your car loan status.

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