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INTEREST RATE & CHARGES
INTEREST RATE
Magma Car Loan interest rates vary from 12% to 16%, depending on various factors. Apply online now so we can offer you the best rate based on your credit-background and our customized schemes.
FORECLOSURE CHARGES
- 5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement.
- Foreclosures are not permitted within 6 months from date of availing of the car loan. Foreclosures within 6 months are allowed under exceptional circumstances with lock-in period charges.
LATE PAYMENT PENALTY
3% per month
CAR LOAN PROCESSING FEES
- Up to Rs. 2.50 lacs: Rs. 3500
- From Rs. 2.51 lacs to 5 lacs: Rs. 4050
- Over Rs. 5 lacs: Rs. 4625
- 0 processing fees on select schemes
*May vary from model to model and at the sole discretion of Magma Fincorp Ltd.
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