Magma Bank Car Loan
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.
Magma Fincorp Limited Overview
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.
About Magma Car Loan
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.
Why Choose Magma Car Loan?
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).
Features & Benefits of Magma Car Loan
- Tractable documentation and fast processing.
- Flexible loan repayment options monthly cash instalments, auto debit, ECS and post dated cheques.
- The company offers excellent customer service as well as end-to-end doorstep service.
- Easy loans are provided to existing Magma customers with good repayment records for 12 months or more, without them having to submit their income documents.
- Attractive and incomparable interest rates.
- Loans are offered for purchase of personal and commercial-use cars or utility vehicles.
- Customers can receive funds up to 100% of the total price of the car.
- Salaried professionals have the option to avail a loan which is up to three-times their annual salary and self-employed professionals can avail car loans up to six-times their annual income.
Car Loan Schemes offered by Magma:
Tatkal Loan Scheme:
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 Car Loan Eligibility
Magma offers car loans to salaried and self-employed applicants who meet the following eligibility criteria:
Salaried Customers:
- Salaried customers should be employed under the same company/employer for a minimum period of two years.
- The minimum age of the applicant should be at least 21 years when the car loan tenure commences and under 60 years or at retirement age, whichever is lower, when the car loan tenure concludes.
- The annual salary of the applicant should be Rs.1,50,000 and above.
- The applicant must be residing in the same address for at least one year.
Self Employed Individuals
- The applicant should have been in the same business for a minimum period of two years.
- He/she should meet the age criteria and be 21-years-old or above at the beginning of the loan tenure and under 67 years of age at the end of the loan tenure.
- The applicant should have a minimum income of at least Rs. 1,00,000 annually.
- The applicant must be residing in the same address for one year at least.
How to calculate EMI for Magma Car Loans?
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:
- Select the 'Finance Tools' drop down menu from the main page and select the EMI calculator option. Clicking on this link will lead you directly to the EMI calculator page.
- Scales are available on the EMI calculator page representing different ranges such as 'Loan Amount' and 'Tenure'. Mark the requisite details on the scales as per your requirements to help the tool calculate the EMI options available.
- After that, the customer has to enter details such as interest rate charged by Magma for car loans, along with the processing fee. The default value is already marked in the field and can be changed if required.
- Clicking on 'calculate' option will provide the customer with all the details related to the Magma car loan EMI payment along with the breakup of the total interest to be paid.
Documentation required for a Magma Car Loan
Salaried
If the applicant is salaried she/he needs to submit the following documents:
- KYC documents such as proof of identity, address proof, signature, proof of DOB, etc.
- Residence stability proof showing that the applicant has stayed in the same address for a minimum of at least one year.
- Any one of the following documents: Previous 2 years' Form 16 and payslip of the last month. Proof of employment of being in the same organization for the past two years as well as last three months' payslips. Salary certificate from the organization where the applicant is employed with corresponding proof of funds credited in their bank account.
Self-employed
Self-employed applicants need to submit:
- KYC documents such as proof of identity, address proof, signature, proof of DOB, etc.
- Residence stability proof showing that the applicant has stayed in the same address for a minimum of at least one year.
- Previous 2 years' IT returns along with income computation.
- 3 - 6 months' bank statement.
Applicants without income proof need to submit:
- KYC documents such as proof of identity, address proof, signature, proof of DOB, etc.
- Proof of business applicable for the last 2 years.
- Residence stability proof showing that the applicant has stayed in the same address for a minimum of at least one year.
- If applicant is an agriculturist, he/she has to submit proof of agricultural land holding.
Magma Car Loan Interest Rates and Charges:
- Interest rateDepending on various factors, Magma car loan interest rates vary from 12% to 16%.
- Foreclosure charges
- Loan prepayment can be done with a 5% of the principal outstanding charged as prepayment fee after 6 months of availing the loan.
- Foreclosures are not allowed within 6 months from date of availing the car loan. Lock in period charges have to be paid if foreclosures are made within 6 months, if it is allowed by the company under exceptional circumstances.
- Late payment penalty is 3% per month.
- Magma Car loan processing fees are as follows:
- For loans up to Rs. 2.50 lacs, Rs. 3500 is chargeable as processing fee.
- For loans ranging from Rs. 2.51 lacs to 5 lacs, Rs. 4050 is chargeable as processing fee.
- Loans over and above Rs. 5 lacs is charged a processing fee of Rs. 4625.
- On select schemes there is no processing fee.
FAQs on Magma Bank Car Loan
- What type of four wheelers can be purchased using Magma Bank Car Loan?
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.
- What are the tenure options for Magma Bank Car Loan?
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.
- What are the types of Magma Bank 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.
- Tatkal car loan scheme
- Magma Privilege Scheme
- No Income Proof Scheme
- Agri land based car loan
- What is the maximum quantum offered under Magma Bank Car Loan schemes?
Magma Bank offers financing up to 100% the value of car.
- How long does Magma Bank take to process car loan applications?
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.
Car Loan Articles
- Car Prices in India
- How To Transfer a Car Loan to Another Person
- How GST Affected Car Prices in India
- Car Lease Vs Car Loan
- Car Loan Foreclosure Procedure
- Vehicle Registration
- Car Loan Document Checklist
- Bad Credit Car Loan
- Car Loan Refinancing
- Zero Downpayment Car Loan
- Commercial Car Loan
- Car Loan for Nris
- Car Loan Schemes for Women
- Car Loan Preclosure
- Transfer Car Registration
- Top 10 Banks for Car Loan
- Car Loan Schemes for Government Employees
- Fuel Efficient Sedan Cars
- Automatic Cars for Women
- Chepest Cars in India
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.