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4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
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Magma Fincorp Limited is a renowned non-banking financial company registered with Reserve Bank of India as one of the Asset Finance Companies. Incorporated in 1989, Magma Fincorp Limited has around 275 branches pan India and present widely in rural India. The company provides car loans, finance on used vehicle loans, SME loans, home loans etc.
Magma Fincorp believe that no dream should go unfulfilled just because of lack of funds. The company provides loans for personal and commercial used new/used cars. Magma Fincorp Car Loans help individuals to purchase wide variety of four-wheelers available through Indian car dealership. The loan tenure for Magma Fincorp Car Loans range between 12-60 months; however, salaried employees have the option of making loan repayment in 84 months period as well. With options like personalized services and efficient documentation services, Magma Fincorp offers car loan to its customer faster than banks.
The above-mentioned interest rates are calculated as per the revised GST rates.
There are a number of Car loan schemes offered by Magma Fincorp. Below are the schemes offered by Magma Fincorp Car Loans:
Tatkal Loan scheme- To opt for this scheme, the customer needs to submit their KYC documents and latest bank statement to get car loans up to 60-65% of ex-showroom price of any car for commercial or personal use.
Magma Privilege scheme- For existing Magma customers who have a good track record of loan repayment for past 12 months or more, Magma Fincorp offers Magma Privilege Scheme. Under this scheme, the applicants are eligible for loans up to 1.5 times higher EMIs than EMI of their current loan. The customer does not have to submit their income documents again.
Agri Land based Funding- Under this scheme; Magma Fincorp offers loan up to 80% of the ex-showroom price on the new car when the applicant has agricultural landholding with a size of about 3-5 acres.
No Income Proof scheme- Applicant’s business or property proof document can help them get a loan under this scheme with Magma Fincorp. Loan amount of 75% of the ex-showroom price for a B segment car or 65% of the ex-showroom price for a C segment car can be availed as per this scheme.
Mentioned below is the eligibility criterion for salaried as well as self-employed applicants who wish to apply for a car loan at Magma Fincorp:
Self Employed Individuals
For salaried individuals
For self employed applicants
Documents to be submitted by applicants without any income proof:
1. What type of cars can be purchased with Magma Fincorp Car Loan?
Magma Fincorp can be used to purchase cars which come under multi-utility vehicles and passenger car segment which are available at any Indian dealership. This car loan is ideal for purchasing both new and used cars.
2. What are the loan tenure options by Magma Fincorp Car Loan?
Magma Fincorp allows the customers to choose a fitting loan tenure option between 12 months to 60 months. Salaried individuals have the flexibility to take up loan up to 84 months for car loan repayment.
3. What are the different car loan schemes under Magma Fincorp Car Loan?
Magma Fincorp offers 4 types of car loan schemes which are devised to suit different requirements of their client base. Mentioned below are the car loan schemes offered by Magma Fincorp:
4. What is the maximum quantum of loan offered by Magma Fincorp?
Car loan amount up to 100% the value of the car is offered under the Magma Fincorp car loan scheme.
5. How long does it take to process the Magma Fincorp Car loan?
The car loan applications are processed in less than 4 hours, but the applicant must have submitted all the necessary documents to the bank and should be completed all the formalities.
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