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. On BankBazaar.com you can check your eligibility in seconds for a Magma car loan by filling in a short form and you can apply online. All you have to do is to follow some simple steps to get attractive deals.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
An income limit of at least Rs. 1,50,000/Year
Loan capped @
65% to 95% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|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|
Magma Fincorp Limited is a non-banking financial company which has its headquarters in Kolkata. 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.
Magma Fincorp provides car loans to its customers to 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 extend 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.
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:
BankBazaar.com is a unique loan comparison website which efficiently provides reliable information on available car loan options, through a user friendly interface, that is focused on bringing forth all the related information of the associated car loan plan. Applying for a car loan with BankBazaar.com is advantageous due to the following reasons:
Customers can easily apply for Magma car loans on BankBazaar.com by following just four easy steps. Car loan application process is simple and convenient for customers applying through BankBazaar.com.
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.
Yes, Magma Bank Car Loan is also offered for new and used commercial vehicles.
Under Magma Bank Car Loan, salaried professionals can borrow up to three times their annual salary and self employed professionals can borrow up to six times their annual income.
A salaried applicant must satisfy the following conditions to be able to apply for a Magma Bank Car Loan.
Self employed applicants must satisfy the eligibility criteria given below to apply for Magma Bank Car Loan.
Magma Bank offers an array of flexible repayment options like auto debit, ECS, Post dated cheques (PDCs) and monthly cash instalments for the customers to pay EMI.
Customers can apply online through Magma Bank web portal or visit the nearest physical branch to apply for a car loan.
Yes, customers can apply online for Magma Bank Car Loan.
No, a guarantor is not required for Magma Bank Car Loan.
In tatkal loan scheme, car loans worth 60% to 65% of ex-showroom price on any four wheeler, MUV or SUV for personal or commercial use are offered to customers after they submit the KYC documents along with latest bank statement. This process ensures that the car loan is process swiftly.
Yes, applicants with no income proof can apply for Magma Bank Car Loan under “No income proof car loan scheme”. All the applicant has to submit is the property proof documents and income proof documents for the last two years to avail a loan of up to 65% of ex-showroom price for any C segment car and up to 75% the ex-showroom price for any B segment car.
Under agri based funding scheme, applicants will be able to get up to 80% of the ex-showroom price of a new car if they have an agricultural land between 3 to 5 acres.
Magma Privilege scheme is a special car loan scheme for existing customers who have maintained a clear repayment records for the last 12 months or more. Such customers are eligible for fresh car loans with EMS at 1.5 times of current loan and they will be able to secure the loan without having to submit all documents again.
A salaried applicant must submit the following documents to apply for Magma Bank Car Loan.
Self employed applicants have to submit the following documents while applying for Magma Bank Car Loan.
If the applicant has no income proof, he must submit the documents given below to apply for Magma Bank Car Loan.
No. In order to apply for Magma Bank Car Loan, you have to submit proof for resident stability for at least one year. If you are residing at own or parental house, funding will be made available with residence stability of only six months.
To apply for Magma Bank Car Loan, you will have to open a new Magma Bank account. But, you will not require recent transactions to apply for a car loan under Tatkal scheme.
Magma Bank offers car loans for customers living within a radius of 125 kilometres from any of the 280 plus offices across India.
No. Customers can take a car loan by submitting at least five security Post Dated Cheques (PDCs) and by making the payment of monthly instalments by direct deposit or cash at Magma Bank branches.
You can find out your monthly EMI by using an online car loan EMI calculator available on BankBazaar. You will have to enter details like principal loan amount, interest rate and tenure in months to find out the EMI amount.
Yes, Magma Bank car loan borrowers can get in touch with the bank by filling out a form online. After the form is submitted, a Magma Bank representative will contact you. Also, you can visit any of the nearest Magma Bank branches to get your queries answered.
Yes, agriculturists can apply for Magma Bank Car Loan under the Agri Land based funding scheme.
Yes, Magma Bank allows prepayments for car loans after 6 months of taking the loan.
Yes, for prepayments, Magma Bank will charge a nominal penalty of 5% fee on the outstanding amount.
No, Magma Bank Car Loan can be used only to purchase vehicle sold at Indian car dealerships.
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.
23rd 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.
19th 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.
12th June 2015
When a customer finalizes the car he wants to buy it is a normal practice for the dealers to guide him to the right financier who can provide a good deal on the car loan. Read more
9th October 2012
In addition to the different car loans that one can avail there are also several options in manner and mode repayment of the loans to suit the financial conditions of different buyers.Read more
3rd May 2013
Once investors’ sign up for investing in the markets, there are a lot of different reactions pertaining to how experienced each investor is in the wake of the market volatility. Read more
11th November 2011