• Magma Car Loan

    Mr. Sharma was tired of taking a cab every day. We helped him get his own car. Explore Car Loans

    Magma 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.

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    Documentation needed to apply for an Magma Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months' bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months' salary slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years' Income Tax Returns with computation of Income
      • Last 3 years' CA Certified / Audited Balance Sheet and Profit & Loss Account
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    Magma Car Loan Interest RatesUpdated on 31 May 2020

    Magma Car Loan Details
    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.

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    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.

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    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.

    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 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.

    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.

    1. Interest rate

      Depending on various factors, Magma car loan interest rates vary from 12% to 16%.

    2. 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.
    3. Late payment penalty is 3% per month.
    4. 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.

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.

      5. Check Magma Bank Car Loan EMI

    1. 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.

    2. 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.

    3. 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

    4. What is the maximum quantum offered under Magma Bank Car Loan schemes?

      Magma Bank offers financing up to 100% the value of car.

    5. 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.

    6. Does Magma Bank offer loan for four wheelers intended for commercial use?

      Yes, Magma Bank Car Loan is also offered for new and used commercial vehicles.

    7. What is the maximum car loan eligibility?

      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.

    8. What are the eligibility criteria that a salaried applicant must satisfy to be able to apply for Magma Bank Car Loan?

      A salaried applicant must satisfy the following conditions to be able to apply for a Magma Bank Car Loan.

      • The annual income of the applicant must be at least Rs. 1, 50,000.
      • The applicant must be at least 21 years old at the start of car loan tenure and must be under 60 years or retirement age, whichever is lower, at the end of tenure.
      • The applicant must have been employed by the same employer for at least 2 years.
      • The applicant must have residential stability for at least a year.

    9. I am a self-employed professional. What eligibility conditions do I have to fulfill to be able to apply for Magma Bank Car Loan?

      Self employed applicants must satisfy the eligibility criteria given below to apply for Magma Bank Car Loan.

      • The applicant must be earning a minimum of Rs. 1, 00,00 per year.
      • He must have been in the same business for a period of minimum 2 years.
      • The applicant must be at least 21 years old at the start of loan tenure and not more than 67 years at the end of tenure.
      • The applicant must have residential stability for at least 1 year.

    10. What repayment options are available 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.

    11. How do I apply for Magma Bank Car Loan?

      Customers can apply online through Magma Bank web portal or visit the nearest physical branch to apply for a car loan.

    12. Can customers apply online for Magma Bank Car Loan?

      Yes, customers can apply online for Magma Bank Car Loan.

    13. Do I need a guarantor to apply for Magma Bank Car Loan?

      No, a guarantor is not required for Magma Bank Car Loan.

    14. What is the tatkal loan scheme under Magma Bank Car Loan?

      In tatkal loan scheme, car loans worth upto 70% 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 ensures that the car loan is processed swiftly.

    15. I have no income proof documents. Can I apply for Magma Bank Car Loan?

      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.

    16. What is agri based funding scheme under Magma Bank Car Loans?

      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.

    17. What is Magma Privilege scheme under Magma Bank Car Loans?

      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.

    18. I am a salaried applicant. What documents do I have to submit for Magma Bank Car Loan?

      A salaried applicant must submit the following documents to apply for Magma Bank Car Loan.

      • One year residence stability proof
      • KYC documents including address proof, identity proof, signature and date of birth proof.
      • Any one of the income documents - salary certificates with statements showing salary credit in bank account, payslip for last 3 months with proof of employment in concerned organization for two years and form 16 for last two years plus payslip for last month.

    19. What documents do self-employed professionals have to submit for Magma Bank Car Loan?

      Self employed applicants have to submit the following documents while applying for Magma Bank Car Loan.

      • One year residence stability proof
      • Bank statements for last three to six months
      • IT Returns for the last two years with income computation
      • KYC documents - identity proof, address proof, signature proof and Date of birth proof.

    20. I have no income proof documents. What other documents do I have to submit 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.

      • Proof of Agri land holding, if the applicant is an agriculturist
      • Business proof for last 2 years
      • KYC documents - Proof of address, ID proof, signature proof and Date of Birth proof

    21. I have been in my current residence for only six months. Is it possible for me 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.

    22. I do not hold a Magma Bank account. Is it still possible for me to apply for Magma Bank Car Loan?

      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.

    23. Will I be able to apply for Magma Bank Car Loan if there are no Magma branch offices in my area?

      Magma Bank offers car loans for customers living within a radius of 125 kilometres from any of the 280 plus offices across India.

    24. For my loan payment structure, will I be required to select from post dated cheques or equated monthly instalments?

      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.

    25. How do I find out my Magma Bank Car Loan EMI?

      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.

    26. Does Magma Bank offer customer support services for car loan borrowers?

      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.

    27. I am an agriculturist. Will I be able to apply for Magma Bank Car Loan?

      Yes, agriculturists can apply for Magma Bank Car Loan under the Agri Land based funding scheme.

    28. Can I prepay Magma Bank Car Loan?

      Yes, Magma Bank allows prepayments for car loans after 6 months of taking the loan.

    29. Will I incur any penalty if I prepay my Magma Bank Car Loan?

      Yes, for prepayments, Magma Bank will charge a nominal penalty of 5% fee on the outstanding amount.

    30. Can I use Magma Bank Car Loan to purchase a vehicle from foreign auto dealerships?

      No, Magma Bank Car Loan can be used only to purchase vehicle sold at Indian car dealerships.

    News About Magma Car Loan

    • Magma Fincorp Limited and Honda Cars India sign a deal for offering car loans in India.

      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 Cars India signs an agreement with Magma Fincorp Limited to offer car loans.

      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

    • Magma Extends Home Loans to Existing Truck/Car Loan Customers

      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.

      12 June 2015

    • Manufacturer, dealer and agents role in a car loan deal!

      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

      9 October 2012

    • Repayment options in car loans!

      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

      3 May 2013

    • Opt for asset allocation rather than timing the markets

      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

      11 November 2011

     

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    Magma Car Loan Reviews

    Write a Review
    • Magma Car Loan
      "Rate of interest was high "
      0.5 2.0/5 "Expected more"
      I have taken car loan directly through MAGMA FINANCE. The rate of interest and the processing fee are very high. The car model i have purchased TATA safari. Everything is good but the process was lengthy and I have purchased loan amount of Rs. 6.5L and the down payment of 4.5L .
      Was this review helpful? 1
      , villupuram
      Reviewed on Jan 29, 2020
    • Magma
      Magma Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      My car loan was purchased from Magma because that time this is the only company who ready to provide the car loan offer. I have made the down payment of Rs. 2 lakhs when the total cost of the car is Rs. 6 lakhs. Its very long time back, i got this loan. They didn't take any kind of hidden charges.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2019
    • Magma Car Loan
      "Need to improve customer service"
      0.5 2.0/5 "Expected more"
      I have taken Car Loan with Magma Fin corp directly to them. They have given for a low loan amount as per my requirement for the tenure of 5 years .The car model was Chevrolet Sail and the loan amount was sanctioned on time. The process was incorrect from their end regarding for this issue If I contact to the customer service is no proper response and the rate of interest is high. Now I have closed the loan and I received NOC letter after 20 days.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 08, 2019
    • Magma Car Loan
      "Worst Experience and high rate of Interest (Magma FINCORP)"
      0.5 0.5/5 "Unacceptable"
      I have taken car loan for 36 months and paid each and every month emi clearly till 30 month. Suddenly my car got repair and unable to make any payment till 33 month, that is 31, 32, and 33 month emi (3 month) and did not get any call from Magma Fincorp regarding the late payment, so after my Car got repaired and i started paying the 34 month emi and thought that the Payment is going fine but one day suddenly the company cease my car and asking me to pay the amount with Interest, ceasing charge, garage charge for parking the car in their own company. The worst part is i visited the company where my car was ceased and spoke to the manager, his behaviour was so rude and worst. So please don't take any loan or Insurance from MAGMA Fincorp.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 07, 2019
    • Magma Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car Loan through Magma Fincorp directly .I have applied for the loan amount of 1.25 lakhs for the tenure of 4years .The car model wa Maruti Alto tour H1 and the loan amount was sanctioned on time and it was sufficient as well.I have got all the required details about the loan process and also submitted the documents as well .
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 24, 2019
    • Magma Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      They have charged me a nominal interest rates. Where i got the car, they have a tie up with magma for car loan purpose. They have sanctioned the loan in 3 days. Total tenure period of the loan is 5 years. I have taken the loan on 2017 and i made the down payment of Rs. 1.5 lakhs. I have been paying the EMI amount of Rs. 7700. According my knowledge overall loan service is good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Feb 27, 2019
    • Magma Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with MEGMA SIM FINANTIONAL INSTITUTION car loan and the process has been simple. The charges which they had made promise and their customer support was helpful. They had provided me with a loan amount and it is very satisfactory . The interest rate with them was nominal with the market rate.
      Was this review helpful? 1
      , lucknow
      Reviewed on Jan 28, 2019
    • Magma Car Loan
      "Average service"
      0.5 1.5/5 "Bad"
      I have been using my car loan with Magma Fincorp previously, they have given me sufficient loan amount ,the rate of interest they have charged me was high,and the processing fee they have charged me was high , i was not happy with there service.
      Was this review helpful? 4
      , ghaziabad
      Reviewed on Jan 08, 2019
    • Magma Car Loan
      "Interest rate should be economical"
      0.5 4.0/5 "Great!"
      I took car loan from Magna Fincorp they gave me 10% of interest . It is higher compared to bank rates but that people came to my place and connected the documents and disbursed the amount, the process was easy within 20 days they delivered the car.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 01, 2018
    • Magma Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with MAGEMA FINANCE , The customer service and response was good they answer to all my query . The loan amount was 270000 and it is satisfactory . The rate of interest and charges are okay as per the market price. I am happy with services .
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 25, 2018
    • Magma Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My car loan experience was average with Magma, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 4 years.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Aug 09, 2018
    • Magma Car Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      My experience with Magma Fincorp was not satisfactory. I had a car loan with them and the whole process was not up to the mark. The rate of interest and processing charges was high and when I went over to close the loan, there were a lot of charges taken.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 02, 2018
    • Magma Car Loan
      "Need to be transparent"
      0.5 1.0/5 "Really Bad"
      Earlier I took my car loan with Magma Fincorp and it was closed 1.5 years back. They are not transparent and lot of hidden charges. I had purchased SWIFT. The rate of interest was around 9% which was nominal. The processing fee was high. They provided a 70% loan to purchase a car.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 07, 2018
    • Magma Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have closed my car loan with Magma Fincorp and the loan experience was very good. The loan amount was for Rs 4 lakhs with the nominal rate of interest when compared to other sources. The process was smooth and i received my loan amount within the given time. Customer service was good and they followed up on time. The tenure of the loan is 5 years.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Jan 16, 2018
    • Magma Car Loan
      "Quick approval, Excellent service & interst rate to b better"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with Magma Fincorp. I have approached my dealer since I don't have IT they offered loan so I have gone with Magma service. The rate of interest was very high compared to other banks. I am paying around 11,780 per month through ECS. The process was very faster and simple.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 09, 2017
    • Magma Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I took this loan in past 2011i took Car loan from MAGMA FINANCE . it was a good customer service i received from the MAGMA side. they gave me a full approval onthe amount i asked for .the money got Dibursed in a week to the dealer .the Rate of interest was low from the bank side .the Processing fee was also low . they provided the option of Per closure and part payment . it was a good experience with MAGMA .
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 01, 2017
    • Magma Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I had purchased a new car with the help of Magma Finance. The rate of interest is normal like other bankers. They have given 100% loan on road. I pay a premium of 13K through cash. The documentation process is simple. The loan disbursement was on time. There is no pre closure charges.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 27, 2017
    • Magma Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Magma fincorp.The loan amount is 1.85 lakhs,rate of interest is nominal as compared to other banks,tenure is for 3.5 years.The EMI amount is 5383 paid monthly.I make payment through online.The net banking service is good.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 21, 2017
    • Magma Car Loan
      "Customer friendly"
      0.5 5.0/5 "Blown Away!"
      Magma gave me 18% of interest on car loan, I took Maruthi swift worth Rs. 7.8 lakhs, I paid the down payment around one lakh remaining all paid by EMI. Now loan got closed, their customer support is also great , but they don't have proper call center rest of things its good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 06, 2017
    • Magma Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am really happy with the service and the experience i had with the MAGMA FINSERV as i took a car loan from there . it was good as took the loan on January . the loan amount was of 8 lakhs i got a rate of interest of 7.25% and also there was no processing fee charged . the customer service was real good from their side delivered me the proper information .
      Was this review helpful? 1
      , bhopal
      Reviewed on Sep 21, 2017
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