Magma Fincorp Car Loan: Interest Rates, Documents & Eligibility
Magma Fincorp offers attractive car deals with loans up to 100% value of the car. You can avail Magma car loan of up to 100% of the value of the vehicle solely on the basis of your KYC documents.
Another interesting feature includes one-day delivery order. You apply in the morning and your loan will be processed within the next four hours. You can drive home your dream car the same evening.
Eligibility
|
SALARIED |
SELF-EMPLOYED |
| The applicant should be employed with the same company for at least two years | Should be in the same business for at least two years |
| Should be at least 21 years of age and below 60 at the time of loan maturity | Should be at least 21 years of age and below 67 at the time of loan maturity |
| Annual salary of at least Rs 1.5 lakh | Earnings should be at least Rs 1 lakh per annum |
| Residential stability of at least a year | Residential stability of at least a year |
Foreclosure Charges and late penalty
On pre-closures beginning after six months from the date of agreement, Magma charges 5% of the principal outstanding amount.
No foreclosures are allowed within six months and are permitted in exceptional cases only with lock-in period charges.
Late penalty of 3% per month is charged from the customer
Processing fees
Rs 3,500 on up to Rs 2.50 lakh loan
Rs 4,050 on loan between Rs 2.51 lakh and Rs 5 lakh
Rs 4,625 on loan of more than Rs 5 lakh
MAGMA Fincorp car loan features
• Attractive interest rates
• Easy documentation and swift processing.
• End-to-end doorstep service
• Loans available for cars for personal, commercial, used cars or utility vehicles
• Loan eligibility for wide range of customers.
• Flexible loan repayment options: EMI through auto debit, ECS (electronic clearing services) or post-dated cheques.
• Salaried persons are given the option to avail loan up to three times of their annual salary while self-employed professionals can borrow six times their annual income.
• Existing Magma customers with good repayment record are given the option of easy loan without the need to furnish income document.
FAQS About MAGMA FINCORP Car Loan
How can I apply for car loan?
You can easily apply online through Deal4loans.com
Why should I opt for Magma Car Loans?
Special schemes, easy loans and tailor-made products cater to the needs of wide range of customers.
What are the schemes/offers from Magma Fincorp?
Magma Online Car Loans
This product provides the easiest and the most transparent way to avail car loan. You can get a loan of up to 100% of the vehicle’s value or get loan with just KYC document, or opt for loan approval within 4 hours.
Tatkal Loan Scheme
Under this scheme, you can get loans worth 60-65% of ex-showroom prices on any car for commercial or personal use. All you have to do is to submit your KYC document and latest bank statement.
Magma Privilege Scheme
Existing Magma borrowers with a good repayment record are eligible for a second loan. The EMI of this loan is 1.5 times of that on current loan. The customer is not required to submit income documents all over again to avail another loan.
Agri Land-based Funding
Do you own agricultural land between three to five acres and are looking for a car loan? You can get a car loan of up to 80% of ex-showroom price on the new vehicle.
No Income Proof Screen: You can avail loan of 75% of ex-showroom price of any B-segment car or 65% price of any C-segment car by just submitting documents related to your business and property.
How much loan amount can I borrow?
If you are a salaried professional, you can borrow up to three times your annual income. Similarly, if you are self-employed you can avail loan up to six times your annual income.
Do I have a prepayment option?
Yes. You can prepay your loan after the passage of six months of availing the loan. A prepayment fee of 5% on outstanding loan amount will be charged.
Do I need a guarantor?
You do not need a guarantor to apply for a loan.
What are my repayment options?
You can repay loan between 12 and 60 months. If you are a salaried professional, your tenure can be extended up to 84 months.
Can I avail loan without submitting income or business proof?
You can get loan under Magma’s No Income Proof and Tatkal schemes.
What documents will I have to submit while applying for a car loan from Magma Fincorp?
If you belong to salaried class, you will have to submit the following:
• KYC documents (identification, proof of address, signature and document mentioning date of birth)
• Proof to support one-year residence stability
• Any one of the following – Form 16 of last two years and previous month’s pay slip; last three months’ pay slips with proof of employment in the same organisation for two years, or; salary certificate with corresponding credits in your bank account.
Similarly, if you are self-employed, you will have to submit the following documents:
• KYC documents (identification, proof of address, signature and document mentioning date of birth)
• Proof to support one-year residence stability
• I-T returns of last two years with income computation
• Bank statement of three-six months
In case you do not have any income proof, you will have to submit following documents:
• KYC documents (identification, proof of address, signature and document mentioning date of birth)
• Proof to support one-year residence stability
• Business proof for the previous two years
• If you are an agriculturist, you can submit documents to show agricultural land holding
Available Loan Products of Magma Fincorp
