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MAGMA CAR LOAN ELIGIBILITY

To avail of a car loan from Magma, one should meet the requirements below:

SALARIED CUSTOMERS SHOULD
  • Be employed by the same employer for at least two years.
  • Be at least 21-years-old at the beginning of the car loan tenure and under 60-years-old or retirement age, whichever is lower, at the end of the loan tenure.
  • Have an annual salary of at least Rs. 1,50,000.
  • Have residential stability for at least one year.

SELF EMPLOYED CUSTOMERS SHOULD
  • Have been in the same business for at least two years.
  • Be at least 21-years-old at the beginning of the loan tenure and under 67-years-old at the end of the loan tenure.
  • Earn at least Rs. 1,00,000 per year.
  • Have residential stability for at least one year

 

*Documentations may vary from scheme to scheme