CreditMantri matches your credit and demographic profile to Magma Fincorp Loan Against Property lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.
In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Magma Fincorp Loan Against Property. Hence the chances of your Magma Fincorp Loan Against Property application getting approved is higher.
Magma Fincorp is a Non-Banking Financial Company, which was founded in 1988. It offers a wide array of financial products - both wholesale and retail. Magma offers loans for various purposes: loans for cars and utility vehicles, construction equipment, commercial vehicles, tractors, second hand vehicles, SME businesses, mortgage loans, home loans and General Insurance. It has over 230 branches in India.
Everyone, at some point or the other, needs that much-needed support in the form of a loan, credit card etc. Unexpected situations can crop up any time of your life - be it loss of a job, or to fund a business. With a loan against property from Magma Fincorp, you can now source funds at a cheaper cost rather than going for a personal loan. A loan against property from Magma Fincorp has various benefits like:
Magma Fincorp loan against property can be availed by salaried individuals, self-employed professionals, and businessmen. They should be able to show a stable source of income, and should be over 21 years old at the time of application of the loan.
Magma Fincorp offers attractive interest rates depending on a host of eligibility criteria which might include but is not limited to - your credit score, borrowing history and other factors that reflect your financial capability and behavior. For the latest interest rates, it is advisable to contact Magma Fincorp directly.
The documents that you need to submit are as follows:
For the Salaried
For the Self-employed Professional
For the self-employed businessman
You need to keep your Magma Fincorp loan against property application reference number handy for future referencing. You can approach Magma’s customer care while quoting the application number.
How do I apply for Magma Loan Against Property?
You can apply for Magma LAP in the following ways:
Is there a pre-payment option for Magma LAP?
Yes. You can prepay the loan, subject to terms & conditions specified at the time of application of the loan.
What is the maximum loan amount that I can avail?
The maximum loan amount depends on the market value of the property as assessed by Magma Fincorp. It will specify the exact amount after approval and successful verification.
What is the mode of repayment?
You can pay in EMIs by way of ECS, by standing instruction to auto debit your account with the monthly EMI amount, by Postdated cheques, or by way of salary deduction.
Magma offers an array of finance products to suit every need and budget, and facilitates quick completion of the formalities once the loan is approved. It is a multi-purpose loan which you could use in times of financial crisis—for personal as well as business expenditure. Unlock the hidden value of your property by availing Loan Against Property.
You can apply for Magma Loan Against Property in the following ways:
Once you submit your LAP application with all required documents for KYC, Income, Property title and Valuation, an official from Magma will visit you for personal discussion and verification purposes. Once all queries related to Income, Property Title and valuation are cleared, the loan authorization decision is made. Once your loan amount is approved, you need to submit all requisite documents for disbursal. Upon the successful verification of documents, the loan is disbursed.
Alternatively, if you think you need help with your Loan Against Property application process and advice on loan eligibility, CreditMantri can guide you and match you with the loan offer that best suits your profile.
14 February 2017
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