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Published On : 2020-09-23
Magma Fincorp Limited is a Kolkata based non-banking financial company registered with the Reserve Bank of India as an Asset Finance Company. It was incorporated in 1988 and commenced operation in 1989. Magma possesses a diversified product portfolio: loans for cars and utility vehicles, commercial vehicles, construction equipment, tractors, used vehicles, SME businesses, mortgage finance as well as gold loan financing, housing finance and general insurance. They believe that no dream should go unfulfilled because of the lack of funds. Magma Fincorp provides loans for personal and commercial-use cars or utility vehicles, both new and used. Through BankBazaar, you can check your eligibility for a Magma car loan in seconds by filling in a short form. You can also apply for the loan online. All you have to do is to follow some simple steps to get attractive deals.
| Interest Rate (Monthly reducing balance) | 12.00% to 16.00% |
| Processing Fees | Rs.3,500 to Rs.4,625 |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Upto 5% on outstanding loan amount |
| Guarantor Requirement | No guarantor required |
The above mentioned interest rates are subject to change as per the revised GST rates.
Magma Fincorp Limited (MFL) is one of the leading non-banking financial companies based in Kolkata and registered with the Reserve Bank of India as an Asset Finance Company. It was incorporated in 1989 and is a RBI recognized Asset Finance Company. MFL has approximately 275 branches in India and also has a well-established presence in rural and semi-rural India. The company offers car loans, home loans, refinance, used vehicle loans, SME loans, commercial vehicle loans & more.
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Magma Fincorp provides car loans to its customers to help them purchase a wide variety of passenger cars and multi-utility vehicles which are available through Indian car and utility-vehicle dealerships. The tenure for these loans range between 12 to 60 months. Salaried employees are offered the option of an 84-month repayment period. Magma Car Finance is offered with special privileges like personalized service and streamlined documentation that enables the customer to acquire the product faster.
Magma Fincorp provides some unique benefits to its customers, like flexible repayment options, quick processing with least possible documentation and up to full value of the car is financed (under certain conditions as laid down by the company).
Under this scheme, for loans worth 60-65% of ex-showroom prices on any car for commercial or personal use, the customer just has to submit their KYC documents along with latest bank statement.
Magma Privilege Scheme:This scheme can be availed by existing Magma customers with a consistently good record of repayment for last 12 months or more. They are eligible for new loans with 1.5-times higher EMIs than that of the current loan, without having to re-submit their income documents.
Agri Land-based Funding:This scheme offers a loan of up to 80% of the ex-showroom price on a new vehicle, if the applicant has agricultural landholding which are between three to five acres.
No Income Proof Scheme:An applicant can get a loan with their business and property proof documents for the last two years alone, under this scheme. The applicant can avail a loan of 75% of the ex-showroom price for a B-segment car, or 65% for a C-segment car.
Do not forget to renew your motor insurance on time, else you may lose out on your policy benefits! Get more info about car insurance renewal.
Magma offers car loans to salaried and self-employed applicants who meet the following eligibility criteria:
Salaried Customers:If the applicant is salaried she/he needs to submit the following documents:
Self-employed applicants need to submit:
Depending on various factors, Magma car loan interest rates vary from 12% to 16%.
BankBazaar.com offers smart and easy tools to calculate EMI. Customers can calculate EMI for Magma car loans by going to the BankBazaar home page and under the Finance Tools main menu choose EMI calculators. This EMI calculator can help customers to calculate monthly EMIs to be paid towards the Car Loan . BankBazaar’s car loan EMI calculator is a reliable tool designed to quickly calculate the car loan EMI payment details. The step-by-step process to calculate their Magma car loan EMIs through BankBazaar.com is annotated below:
Magma Bank Car Loan can be used to purchase most multi-utility vehicles and passenger cars available at Indian utility - vehicles and car dealership. Magma Bank Car Loan can be used to purchase both new and used utility vehicles and cars.
Magma Bank Car Loan customers can choose a suitable tenure option between 12 months to 60 months. Salaried customers can take up to 84 months to repay the car loan.
Magma Bank offers 4 types of car loan schemes, each carefully crafted to suit varied requirements of customers. The types of Magma Bank Car Loan are as follows.
Magma Bank offers financing up to 100% the value of car.
Magma Bank Car Loan applications will be processed in less than 4 hours, provided the customer has submitted all required documents and completed all formalities.
Honda Cars India has signed a memorandum of understanding with Magma Fincorp Limited to introduce a financing scheme for purchasing Honda cars in India. Honda customers can take car loans to up to 90% of the cost of the vehicle with tenures ranging up to five years. The car financing scheme from Honda will be available at any Magma Fincorp Limited branch and Honda Cars India facility. Honda believes that this collaboration will give a single window for customers to get finance for their new cars. Adding to this will be Magma Fincorp Limited’s widespread presence with over 6.5 lakhs customers and a loan book of Rs. 19,000 crores.
23 February 2016
Honda India has entered into a MoU - Memorandum of Understanding with Magma Fincorp Limited to extend financing for Honda cars in India. Owing to this agreement, Honda customers can now get car loans without any hassles. The auto loan facility will be available for customers at Magma Fincorp branches and Honda Cars India dealerships. Customers can get up to 90% of the value of the car as finance from Magma Fincorp with tenures up to five years at attractive interest rates. This tie-up intends to give a streamlined purchasing channel for Honda customers with a better consumer experience.
19 February 2016
Along with the acquisition of GE Money Housing Finance, Magma Housing Finance is intending to start lending loans with amounts ranging between Rs 20 to 30 lakhs. Targeting customers who are mainly under-banked and have informal sources of income, Magma will be providing affordable home loans. Magma will be concentrating on existing car loan and truck loan borrowers, at over 500 districts and 1500 talukas across India.
The informal income segment mainly consists of self-employed customers from rural and semi-urban markets. Magma plans to go in for mergers or acquisitions to facilitate this effort. Magma’s loan book has grown by 73% and the company’s presence now extends to 150 locations pan India.
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