If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    • Magma Car Loan Reviews

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    • Magma Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Within 3 days of time Magma fin-corp has disbursed my car loan. The magma fin-corp came to my place to collect the required documents and they are done with the verification process within 24 hours of time. The rate of interest is nominal with Magma fin corp. I am happy and satisfied with the service and the loan amount.
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      , thane
      Reviewed on Jul 06, 2017
    • Magma Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I have requested car loan from Magma Fincorp to enlarge my car. Based on IT return, Income proof and car value they going to offer a loan. Currently I have Innova car. Magma fincorp taken some documents from end they will approve after registration of my car. Magma offered me the interest rate around 12.5% of car loan.
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      , bangalore
      Reviewed on Jun 29, 2017
    • Magma Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The service with magma finance limited is really good. They took around 1 week to disburse my car loan, The rate of interest is high with magma , The customer service with magma was average. I am satisfied with the loan amount of Rs.11 lakhs. I can say it was good service from magma fincorp.
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      , alwar
      Reviewed on Jun 08, 2017
    • Magma Car Loan
      "Quick in process"
      0.5 5.0/5 "Blown Away!"
      It was an amazing experience with Magma Fincorp with regards to my car loan application. It was an excellent process and very convenient as well. The rate of interest was normal and the processing charges were also minimal when compared to other banks like HDFC Bank.
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      , jodhpur
      Reviewed on May 19, 2017
    • Magma Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      It was much better experience with magma finance group in concern to my car loan application. There response and the follow up was good. The rate of interest and the charges are bit high when compared with others. It would be great if they bring down the interest rate.
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      , jaipur
      Reviewed on May 03, 2017
    • Magma Car Loan
      "Not a good service"
      0.5 1.0/5 "Really Bad"
      Having contacted Magma for the car loan, sorry to say that I did not get a proper service from them.I had given instructions for ECS. I had produced all the required documents to them for the ECS instruction however the same was not action ed. Its because of which I had incurred a lot charges. I had been instructed to pay rs 1000 for the same issue at the end of the loan tenure only then they would provide the NOC it seems. Every month I had to visit the branch for paying the EMI via cash which I completely dislike.
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      , faridabad
      Reviewed on Oct 22, 2016
    • Magma Car Loan
      "Good response!"
      0.5 4.0/5 "Great!"
      I have taken my car loan with Magma Fincorp. Their services are excellent till the end of the loan process. The car loan was disbursed within a weekâ??s time by them. It would be nice if they reduce the interest rate offered for the car loan, which is a bit high when compared to others.
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      , delhi
      Reviewed on Mar 02, 2016
    • Magma Car Loan
      "90% of loan amount..."
      0.5 4.0/5 "Great!"
      Showroom people suggested me to go with Magma in terms of car loan. I was taken n 2014. I have no issues with them but their service and their response an all average. I paid only 10% of loan amount but they offered me 90% of loan amount which was good in magma. Interest rate also good.
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      , maduranthakam
      Reviewed on Feb 16, 2016
    • Magma Car Loan
      "Best process.."
      0.5 3.0/5 "Satisfactory"
      Every thing was clear in magma fincorp so I have taken the car loan from them with 14% rate of interest. They also providing home loan. No charges for chque bounce and one more best part is they never consider the cibile rating. Loan process also good and fast.
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      , bangalore
      Reviewed on Sep 22, 2015
    • Magma Car Loan
      "Good service.."
      0.5 4.0/5 "Great!"
      My brother told me about the MAGMA FINCORP. They offered me a car loan. Loan process was good they finalized within 10days. I am not sure about the rate of interest. 1lakh is down payment and monthly emi was 6000rs. Over all I am happy with their process.
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      , gurgaon
      Reviewed on Sep 21, 2015
    • Magma Car Loan
      "Can be flexible"
      0.5 3.0/5 "Satisfactory"
      I had a tough time in foreclosing the car loan with MAGMA . I had approached their Branch for the foreclosure. However they dragged it for 2 months and later the car loan was closed . Adding up to that they charged me interest for the 2months which they have delayed , which could have been waived off.
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      , bangalore
      Reviewed on Sep 15, 2015
    • Magma Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      The service provided by Magma finance was really good.They have processed the application within a weeks time process.The interest rate applied for the loan was around 13.5% and i would say it was a average service provided by Magma finance and I will not recommend other about this financial institute.
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      , bangalore
      Reviewed on Sep 12, 2015
    • Magma Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I took a car loan from Magma company withe interest rate of 10.50% and with the normal processing fee.Once i approached them they sent the representative at the earliest and disbursed the amount within 15 days. They processed the loan with easy documents.
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      , ghaziabad
      Reviewed on Aug 24, 2015
    • Magma Car Loan
      "Needs Improvement "
      0.5 3.0/5 "Satisfactory"
      I got a Car loan from MAGMA through my dealer. There service was good to the customers and I never defaulted with any EMI payments. I closed this car loan tow years back and it would be good if they reduce their rate of interest.
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      , bangalore
      Reviewed on Aug 13, 2015
    • Magma Car Loan
      "After sale zero response "
      0.5 3.0/5 "Satisfactory"
      The back office process of my car loan application with Magma was not good.I asked for the tracking details of my application which was unable to provide by them.The customer service provided was good and they are processing the loan very instantly.The interest rate offered was on the higher side.
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      , new delhi
      Reviewed on Aug 03, 2015
    • Magma Car Loan
      "Its fine"
      0.5 5.0/5 "Blown Away!"
      Magma car loan process is fine. As I am a ex employee of Magma I have been offered the best price with discounts and there is no processing fee for the same. Interest rate offered by them was 8.75% reducing and I did not produce any documents however the customer service offered by them was good.
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      , jabalpur
      Reviewed on Jun 10, 2015
    • Magma Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Magma Fincorp gives the best service to the customers in terms of loan process. I took the car loan with them and very happy with the service.As my loan got approved within 24 hours of our time. They offered the low interest rate of 10.30% and waived off the processing fees too..
      Was this review helpful? 3

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      , new delhi
      Reviewed on May 15, 2015
    • Magma Car Loan
      "Poor service"
      0.5 0.5/5 "Unacceptable"
      I am really unhappy with the customer service provided by Magma in the process of availing the car loan. The response which I got was really poor and there is no direct contact number or toll free number to contact them. I searched in the website but its not so easy to access.They charged nearly 4000 for ESI return but I paid my my payment on time but they didnâ??t inform me about the reduction. I felt there is no accurate information provided to the customer.
      Was this review helpful? 4

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      , faridabad
      Reviewed on Apr 14, 2015
    • Magma Car Loan
      "Services are especially good"
      0.5 3.5/5 "Pretty good"
      MAGMA Fincorp executives helped me a lot in overall processing of car loan and disbursed the loan at the right point of time which is appreciable. Rate of interest is bit higher but anyway as the services are especially good that doesn't come into consideration.
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      , greater noida
      Reviewed on Jan 26, 2015
    • Magma Car Loan
      "Its fine"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Magma. It was referred by one of my friend. I would rate them as 5. I am happy with the service offered by them. I have just taken the car loan. Rate of interest offered by them is slightly on the higher side. It was the only bank which offered me the loan and I am very much happy with them.
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      , bangalore
      Reviewed on Dec 24, 2014
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    Magma Car Loan is Rated as "Excellent!" by 163 Users

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    rated 4.5/5.0 by 163 users
    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. 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.

    Search for loans >>

    You’re probably eligible for an Magma Car Loan if you are

    01
    02
    03
    04
    Magma Car Loan Minimum Age

    At least 21 years old

    Magma Car Loan Maximum Age

    Less than 60 years old

    Magma Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Magma Car Loan Minimum Income

    Earn more than the minimum
    income required

    Check if you’re eligible >>

    Your Magma Car Loan amount eligibility is based on these factors

    01
    02
    03
    Magma Car Loan Minimum Salary

    Minimum income required
    An income limit of at least Rs. 1,50,000/Year

    Magma Car Loan Maximum Loan to Value

    Loan capped @
    65% to 95% of the ex-showroom price

    Magma Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Check how much you can borrow >>

    Increase your eligible Magma Car Loan amount by these steps

    01
    02
    Magma Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Magma Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years

    Check eligible loan amount >>

    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
    Search for Car Loans >>

    Magma Car Loan Interest RatesUpdated on 23 Jul 2017

    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.

    Search for loan >>

    Magma Fincorp Limited Overview

    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.

    Apply for Car Loan Online

    About Magma Car Loan

    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.

    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.
    • 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
    • The applicant has to 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. 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.

    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:

    1. BankBazaar.com offers multiple choices of car loans, based on customers’ specific requirements. Customers interested in Magma car loan can go through all related information and products, offers, etc. available for this loan.
    2. BankBazaar.com is associated with market leaders like HDFC Bank, Axis Bank, ICICI Bank and many others and this has helped us to provide our customers the lowest interest rates on personal, car or home loans. By applying through BankBazaar.com for your Magma car loan, you can avail special interest rates and offers on your car loan that is not available anywhere else.
    3. BankBazaar.com provides instant quotes on loans. By filling up a simple online form, the customer can help us evaluate the perfect loan options for him/her. For Magma car loan, based on information provided, BankBazaar.com will provide you all the information related to the amount of car loan that can be availed, interest rates and schemes that can be looked into and so on.
    4. In order to justify your decision to avail Magma car loan you can compare loans from different Banks against each other for your specific requirements- rate of interest, EMI, processing fees, customer feedback, etc. With Bankbazaar.com, customers get to make well thought out and informed decisions.
    5. BankBazaar.com isn’t a mediator, a promoter/dealer or agent of any bank and its procedures are transparent. Our assessment of the available car loan options and plans is always impartial and objective, so that customers can make the right choice.
    6. Personal information and privacy is treated with high regard and kept very confidential. The information provided by the customer on the website or to our customer care team is only shared with your chosen lender, and never shared with a third party for any reason.

    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.

    1. Applicants need to access the navigational menu located at the top of the page on the BankBazaar home page, where a separate menu for loans is available. A customer should then open up the drop down menu and select car loans option. Under the car loan menu, the entire list of companies offering car loans have been listed for a customer’s convenience. Clicking on the link which reads as Magma car loan will lead the customer to the Magma car loan webpage which will show the next steps to be taken.
    2. On the Magma car loan page, customers can check their eligibility criteria for loans, search for the different types of car loans that Magma offers, get the Magma car loan amount eligibility, receive tips to improve their eligibility and also information on the required documentation to be submitted while applying for a Magma car loan.
    3. After meeting the required eligibility criteria for a Magma car loan, customers can easily apply for a Magma car loan on this page using the ‘Apply now’ feature.
    4. Customers submitting their Magma car loan applications online will receive an instant e-approval from BankBazaar. Then their Magma car loan applications will be transferred to the lender for further processing and a Magma executive will get in touch with the customer. Customers can also track their applications through SMS alerts and emails.

    1. What type of four wheelers can be purchased using Magma Bank Car Loan?

      2. 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?

      3. 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?

      4. 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?

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

    5. How long does Magma Bank take to process car loan applications?

      6. 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?

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

    7. What is the maximum car loan eligibility?

      8. 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?

      9. 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 professions. What eligibility conditions do I have to fulfill to be able to apply for Magma Bank Car Loan?

      10. 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?

      11. 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?

      12. 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?

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

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

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

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

      15. 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.

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

      16. 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?

      17. 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?

      18. 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?

      19. 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?

      20. 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?

      21. 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?

      22. 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?

      23. 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?

      24. 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?

      25. 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?

      26. 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?

      27. 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?

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

    28. Can I prepay Magma Bank Car Loan?

      29. 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?

      30. 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?

      31. 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.

      23rd 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.

      19th 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.

      12th 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

      9th 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

      3rd 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

      11th November 2011

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