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MAGMA CAR LOANS FAQs

How do I apply
  1. Apply Online through the form next to this article
  2. Leave your details in the ‘Request A Callback’ form to the right, and we will reach out to you
  3. Walk into our nearest branch.
What are Magma Car Loans all about?

We understand that our different customers have different needs. We’ve designed our products with those unique needs and requirements in mind. We provide tailor-made finance solutions to suit the needs of the customers.

What does Magma offer?
  • Tatkal Loan Scheme:
  • For loans worth 60-65% of ex-showroom prices on any car, SUV or MUV for commercial or personal use, just submit your KYC documents along with your latest bank statement.
  • Magma Privilege Scheme:
    Existing Magma loan customers with clear repayment records for the last 12 months or more, are eligible for fresh loans with EMIs at 1.5-times those on the current loan without the hassle of re-submitting income documents.
  • Agri Land-based Funding :
    If you have agricultural land of between three and five acres, you can get a loan of up to 80% of the ex-showroom price on a new vehicle.
  • No Income Proof Scheme:
    With just your business and property proof documents for the last two years, you can get a loan of 75% of the ex-showroom price for any B-segment car, or 65% for any C-segment car.
Documentation required?

If You are salaried

You need to submit

  • Your KYC documents (identification, proof of address, signature, DOB proof),
  • One-year residence stability proof.
  • Any one of the following:
    • Form 16 for the last two years and the last month’s payslip.
    • Last three months’ payslips with proof of employment in the same organisation for two years.
    • Salary certificate with corresponding credits in your bank account.

If You are self-employed

You need to submit

  • Your KYC documents (identification, proof of address, signature, DOB proof).
  • One-year residence stability proof
  • IT returns from the last two years along with computation of income
  • Bank Statement for three to six months

If You have no income proof

You need to submit

  • Your KYC documents (identification, proof of address, signature, DOB proof)
  • Business proof for the last 2 years
  • One year residence stability proof
  • Proof of Agri Land holding (if you are an agriculturist)
What is the maximum I can borrow?

Salaried professionals can borrow up to three-times their annual salaries, while self-employed professionals can borrow up to six-times their annual incomes.

Have more questions?
  • Is there a prepayment option for loans?
    Yes. You can prepay the loan any time after 6 months of taking the loan with a 5% prepayment fee on the outstanding loan amount.
  • Do I need a guarantor?
    No.
  • What are my tenure options?
    You can choose tenure options between 12 and 60 months. Salaried employees can take advantage of an 84-month repayment option.
  •  Which cars does Magma fund?
    We finance most passenger cars and multi-utility vehicles sold at Indian car and utility-vehicle dealerships.
  • Can I take a car loan without income or business proof?
    Yes. You can get a loan under our No Income Proof and Tatkal schemes.
  • Can I get a loan without a bank account?
    You will have to open a new bank account to apply for a loan with us, but you do not need recent transactions to get a loan under our Tatkal scheme.
  • I live far away from your nearest branch office. Can I still get a loan?
    Yes. We fund customers living within a radius of 125 km from our 280+ offices around the country .
  • Do I need to select either post-dated cheques or equated monthly instalments for my entire loan payment structure?
    No. You can take out a loan by submitting a minimum of five security post-dated cheques making the monthly instalment payments by cash or Direct Deposit at our branch office.
  • If I have only been in my current residence for the last three to six months, can I get a loan?
    No. In order to offer you a loan, we need proof of at least one year’s residence stability. If you are staying in your own/parental house, then we can make funding available to you with only six months residence stability.