Magma Used Car Loans

Magma Fincorp Limited, popularly known as Magma, is non-banking financial company that was established in the year 1989. Registered with the Reserve Bank of India as an Asset Finance Company, Magma has a strong operational presence in the semi-urban and rural India. Magma Fincorp has more than 275 branches in over 21 Indian states. True to Magma’s management policy that no dream should go unfulfilled, it offers a diversified loan portfolio for all sections of the society. The fact that Magma offers one loan every minute stands as a proof to the trust that Indians have placed over the institution. Magma caters to the ever-growing financial needs of the people by offering services in areas like general insurance, housing finance and personal loans. With over 25 years of experience in financing, Magma specially lends support to the financial needs of SMEs and entrepreneurs who have been normally excluded by traditional financial systems.

Magma Fincorp offers used car loans for a wide range of customer profiles. With features like end-to-end doorstep service and flexible documentation, Magma used car loan is one of the most gettable financial product in the market.

Features and Benefits of Magma Used Car Loans

• Flexible Repayment Tenures

  With repayment tenures ranging up to 15 years, borrowers have the flexibility to choose a term that they are most comfortable with.

• Convenient Repayment Options

  The EMI can be paid using Electronic Clearance System, Post Dated Cheques or auto debit facility.

• Easy Loan Options

  Existing Magma customers with good repayment record can avail loans without income proof.

• Range of Vehicles

  Magma used vehicle loans are offered for a wide range of commercial automobiles.

• Range of Customer Profiles

  Magma offers used car loans for all customer profile types.

Magma Used Car Loans Eligibility

• For the First Time Borrowers

  First time borrowers should be the owner of one property and should have another member as guarantor. However, there are certain loan schemes for used cars that do not require guarantors.

• Tatkal Express Schemes

  For Tatkal express scheme, Know Your Customer (KYC) documents such as ID proof and address proof are only required. Also for this scheme, no guarantor is required.

• For Existing Vehicle Owners

  Existing vehicle owners must declare their current fleet ownership and track record to apply for Magma used car loans.

Documentation Requirement for Magma Used Car Loans

Having all the necessary documents in place will ensure that no delays are incurred after the loan application is submitted. For Magma Used Car Loans, the documentation requirements vary depending on the applicant’s nature of profession and source of income.

A proof of identity, income proof and the invoice will be asked for. Keep all the necessary documents like passport, ration card, PAN card, driving license and payslips ready before proceeding with the application. Do request the bank for the complete list of documents to be submitted.

Magma Used Car Loans Interest Rates & Other Fees

Depending on the scheme, Magma offers 16%-20% interest rate for used car loans. Also, Magma offers different schemes depending on the vehicle type and usage. Please contact the nearest Magma Fincorp branch to get more details on the prevailing interest rates.

For loan foreclosures after six months from date of agreement, 5% of the principal outstanding is charged as penalty. No foreclosure is allowed within six months of availing the loan.

The late payment penalty is 3% per month for Magma used car loans.

EMI Calculation for Magma Used Car Loans

An EMI calculator will help you make an informed decision while applying for a loan in terms of affordability. Magma used car loan EMI calculator will output details like the monthly instalment amount, total interest payable and total payment amount.

You will have to enter the outstanding principal, interest rate and tenure in months. The EMI calculator will automatically calculate the EMI and total interest. With the projected value, you can check if the EMI fits your monthly budget. Also, you can keep varying the tenure and principal amount till you arrive at a suitable EMI value.

FAQ’s for Magma Used Car Loans

• How do I apply for Magma Used Car Loan?

  You can fill in your personal details like name, contact number and loan requirements on Magma website and request a call back. Alternatively, you can also visit the nearest Magma branch to apply for used car loans.

• Do I need a bank account to apply for a used car loan?

  No. You do not need a bank account to apply for a loan.

• Is it possible to apply without a guarantor?

  Yes. Except for certain schemes like Tatkal Express, you do not need a guarantor to apply.

• What is maximum quantum of financing that I can avail?

  There is no upper cap on the loan amount. Based on the eligibility of applicant, the Loan-to-Value (LTV) will be applied to the old vehicle price to finalize the loan amount.