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Magma Fincorp Car Loan

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Magma Fincorp Car Loan

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.

Features of Magma Fincorp Car Loans

  • Customers can receive up to 100% funds for car loan.
  • MFC offers attractive interest rates on car loan.
  • Streamlined documentation and fast processing car loan
  • Flexible car loan repayment options like EMIs, auto-debit, post-dated cheques and ECS.
  • Existing customers with good repayment record for a year, have the option to get easy loans without having to submit income tax documents
  • Loan services at customer’s door step
  • Salaried individuals can avail a loan amount of up to thrice their annual salary
  • Self-employed professionals can avail a loan amount of up to six-times their annual income.

Magma Fincorp Car Loan Interest Rates

Interest Rate12.00% to 16.00%
Processing FeesRs 3500 to 4625
Loan Tenure1 year to 5 year
Pre-Closure ChargesPre-closure not allowed within the first 6 months. Lock-in period charges are charged by the bank within the first 6 months.
Upton 5% on outstanding loan amount after 6 months of the first EMI
GuaranteeNo guarantor required
Late payment penalty3% per month

The above-mentioned interest rates are calculated as per the revised GST rates.

Magma Fincorp Car Loan schemes

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.

Magma Fincorp Car Loan eligibility

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:

Salaried Customers

  • The applicant should be working at the current organization for a minimum of 2 years.
  • The minimum age of the applicant should be 21 years when the car loan starts and under 60 years when the car loan tenure ends.
  • The salary of the applicant should be more than 1,50,000 p.a.
  • The applicant must be staying at the same residential address for past one year.

Self Employed Individuals

  • The applicant should be in the same business for a minimum period of past two years.
  • The minimum age of the applicant should be 21 years or above when the car loan starts and maximum age should be 67 years when the car loan tenure ends.
  • The salary of the applicant should be more than 1,00,000 p.a.
  • The applicant must be staying at the same residential address for past one year.

Documentation Required for Magma Fincorp Car Loan

For salaried individuals

  • ID proof such as Voters ID, driving license, passport, pan card, aadhar card etc.
  • Address Proof such as Voters ID card, driving license, passport, pan card, phone or electricity bill etc.
  • Signature proof- Driving license, Bank record, pan card etc.
  • Residence stability proof showing that applicant has stayed at the current address for past one year minimum
  • Salary slips for past month and past two years Form 16 or proof of employment at the current organization for past 2 years and salary slip for past three months.
  • Salary certificate from the current organization for past two years as well as salary slips for past 3 months.

For self employed applicants

  • ID proof such as Voters ID, driving license, passport, pan card, aadhar card etc.
  • Address Proof such as Voters ID card, driving license, passport, pan card, phone or electricity bill etc.
  • Signature proof- Driving license, Bank record, pan card etc.
  • Residence stability proof showing that applicant has stayed at the current address for past one year minimum
  • Last 2 years ITR along with income computation
  • Bank statement for past 3-6 months
  • ITR of past 2 years along with CA audited computed income.

Documents to be submitted by applicants without any income proof:

  • ID proof such as Voters ID, driving license, passport, pan card, aadhar card etc.
  • Address Proof such as Voters ID card, driving license, passport, pan card, phone or electricity bill etc.
  • Signature proof- Driving license, Bank record, pan card etc.
  • Residence proof – the applicant should be residing the current residence at least for the past 1 year
  • Proof of business for past 2 years
  • For agriculturists, the applicant has to submit proof of agricultural landholding.

Magma Fincorp Bank Car Loan FAQs

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:

  • Tatkal car loan scheme
  • Magma Privilege Scheme
  • No Income Proof Scheme
  • Agri land based car loan

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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