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.
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Here are some reasons why customers prefer Magma Finance for 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.
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.
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:
Did you know are three types of car loans in India? Magma Finance Customer Care
An authorised representative from Magma Fincorp will call or SMS to the mobile number provided by you.
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.
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 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.
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.
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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