Magma FinCorp Car Loan
Last Updated : March 5, 2020, 3:25 p.m.
About Magma FinCorp Car Loan
At a time when customer orientation towards car is growing substantially due to launches of eye-catching models, not only banks but even non-banking financial companies (NBFCs) are coming up with attractive loan schemes to woo customers. There are many NBFCs offering car loan. One such is Magma Fincorp, a leading NBFC that specialises in hassle-free car loans at an attractive interest rates, coupled with fast processing of the loan.
Magma FinCorp Car Loan Interest Rate
12%-16% per annum
Magma FinCorp Car Loan Details
- Maximum loan-3 times of the annual salary for salaried professionals, 6 times of the annual business income
- Loan can be financed up to 100% of the value of the new car or 70% for used car
- Repayment period-7 years for salaried professionals, 1-5 years for self-employed
- Processing fees- Rs 3,500 for loan of up to Rs 2.5 lacs
- – Rs 4,050 for loan from Rs 2.5 lacs-5 lacs- Rs 4,625 for loan above Rs 5 lacs
- Foreclosure charges-5% of the principal outstanding for pre-closures starting 6 months after the date of agreement
- Get car loan for personal and commercial use
- You can be the beneficiary of hassle-free documentation
- Doorstep service
Magma FinCorp Car Loan EMI Calculator
Want to calculate how much the EMI will be on your car loan at Magma FinCorp? Switch to EMI Calculator which will give you an estimate of the installment. Also, the total interest liability will also be provided by the calculator.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at Magma FinCorp
| Loan Amount | Tenure in Years | Interest Rate | EMI | Total Interest Amount | Total Amount (Principal+Interest) |
|---|---|---|---|---|---|
| Rs 5,00,000 | 3 | 12%-16% | Rs16,607-17,579 | Rs97,858-1,32,827 | Rs 5,97,858-6,32,827 |
| Rs 5,00,000 | 4 | 12%-16% | Rs13,167-14,170 | Rs1,32,012-1,80,167 | Rs 6,32,012-6,80,167 |
| Rs 5,00,000 | 5 | 12%-16% | Rs11,122-12,159 | Rs1,67,333-2,29,542 | Rs 6,67,333-7,29,542 |
| Rs 5,00,000 | 6 | 12%-16% | Rs9,775-10,846 | Rs2,03,807-2,80,906 | Rs 7,03,807-7,80,906 |
| Rs 5,00,000 | 7 | 12%-16% | Rs 8,826-9,931 | Rs2,41,415-3,34,207 | Rs 7,41,415-8,34,207 |
Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-67 years |
| Minimum Income | Minimum annual salary of Rs 1,50,000 | Minimum annual business income of Rs 1,00,000 |
| Residence Stability | Been in the same residence for at least 1 year | Been in the same residence for at least 1 year |
| Employment/Business Continuity | Work experience with the current employer for a minimum of 2 years | Been in the same business for a minimum of 2 years |
Documentation
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Form 16 for last 2 years, Salary slip for last 3 months, proof of employment in the same organisation for two years, salary certificate, bank statement showing salary credit into the account | IT returns for the last 2 years along with income computation, bank statement for the last 3-6 months |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| 1-year Residence Stability Proof | Mandatory | Mandatory |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
