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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.