Magma FinCorp Car Loan

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 AmountTenure in YearsInterest RateEMI Total Interest AmountTotal Amount (Principal+Interest)
Rs 5,00,0003 12%-16%Rs16,607-17,579Rs97,858-1,32,827Rs 5,97,858-6,32,827
Rs 5,00,0004 12%-16%Rs13,167-14,170Rs1,32,012-1,80,167Rs 6,32,012-6,80,167
Rs 5,00,0005 12%-16%Rs11,122-12,159Rs1,67,333-2,29,542Rs 6,67,333-7,29,542
Rs 5,00,000612%-16%Rs9,775-10,846Rs2,03,807-2,80,906Rs 7,03,807-7,80,906
Rs 5,00,000712%-16%Rs 8,826-9,931Rs2,41,415-3,34,207Rs 7,41,415-8,34,207

Eligibility Criteria

ParametersSalaried ProfessionalSelf-employed
Age21-60 years21-67 years
Minimum Income Minimum annual salary of Rs 1,50,000Minimum annual business income of Rs 1,00,000
Residence Stability Been in the same residence for at least 1 yearBeen in the same residence for at least 1 year
Employment/Business Continuity Work experience with the current employer for a minimum of 2 yearsBeen in the same business for a minimum of 2 years

Documentation

ProofsSalaried ProfessionalSelf-employed
Age ProofPassport/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 accountIT 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 MandatoryMandatory
Sign Verification Proof Driving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card

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EMI Calculator