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    Magma Fincorp Tractor Loan

    Overview about Magma Fincorp Tractor Loan

    The Magma Fincorp Tractor Loans is an initiative from the financial institution to provide loans for any brand of tractors both new and pre-owned. Magma Fincorp is the highest tractor loan disbursement percentage in the market. Magma Fincorp will be able to provide 90% - 95% of the tractor price. The speciality of this product by Magma Fincorp they will not mortgage your land in order to provide you with finance.

    Where is the purpose of Magma Fincorp Tractor Loans?

    The Magma Fincorp Tractor Loans will provide finance to the farmers of the country to purchase new or even pre-owned tractors, to help them meet their agricultural needs with a tractor that they require

    What is the eligibility criteria for Magma Fincorp Tractor Loan?

    The tractor loan will be available under 3 different types:

    1. Agriculture scheme:
      1. The applicant will need to have a minimum of 2 acres owned by them.
      2. They will require a guarantor.
      3. The amount will be as high as the amount of land held by them
    2. Tatkal scheme:
      1. They will not require a guarantor.
      2. They will not require land ownership details
    3. Commercial scheme:
      1. They will require land ownership details
      2. Residence proof and stability of at least 3 years.
      3. They will require a guarantor.

    What are the types of financing available?

    The loan will be available to purchase any brand tractors, to help them meet their agricultural or commercial needs with a tractor.

    What is the maximum amount of loan I can avail?

    The amount of loan given by Magma Fincorp will be able to provide 90% - 95% of the tractor price.

    What is the rate of interest on Magma Fincorp Tractor Loans?

    Magma Fincorp Tractor Loan will charge a rate of interest average from 16% -20% , but will offer you customised options for your loan to suit your needs. What are the documents required for Magma Fincorp Tractor Loans?

    Documents required will be as mentioned below:

    1. Agriculture scheme:
      1. The applicant will need to have a minimum of 2 acres owned by them.
      2. They will require a guarantor.
      3. The amount will be as high as the amount of land held by them
    2. Tatkal scheme:
      1. They will not require a guarantor.
      2. They will not require land ownership details
    3. Commercial scheme:
      1. They will require land ownership details
      2. Residence proof and stability of at least 3 years.
      3. They will require a guarantor.

    What are the terms for Magma Fincorp Tractor Loans?

    The charges available are:

    1. A 5% pre closure charge will be levied on the principal outstanding
    2. Foreclosure will not be allowed 6 months within the date of approval
    3. 3% per month late payment charges will be applied.

    How do I apply for this loan?

    To apply for the loan, you can just walk into the nearest branch of Magma Fincorp branch. You can also fill in your details on their website and request for a call bank on the loan requirement.

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