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 Used Car Loan is Rated as "Excellent!" by 169 Users

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    Magma Used Car Loan

    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.

    Magma Used Car Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 0
      , bhopal
      Reviewed on Sep 21, 2017
    • Magma Car Loan
      "Satisfactory "
      0.5 2.0/5 "Expected more"
      I am having the car loan with the Magma finance limited and the interest rate is around 9%. The loan amount got disbursed to my account within two days of time. Response is good one. Also they have offered the top up loan too. Customer service is not really a good one.
      Was this review helpful? 0
      , meerut
      Reviewed on Aug 23, 2017
    • 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 3
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 3
      , 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.
      Was this review helpful? 1
      , 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.
      Was this review helpful? 1
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Aug 24, 2015
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