Commercial Vehicles Loan FAQs
Magma is attractively placed in all the segments of products SCV, LCV and M&HCV catering to customers from First Time User to strategic clients. Magma’s strength includes a deep rooted understanding of buyers. This leads to customized loan tenures, higher loan to asset value, accelerated vehicle delivery, and customer satisfaction.
Leave your contact details (Name, Mobile, Email ID, City, State) on our website and we will reach out to you or walk into your nearest branch
– First time Buyer: 80-95%
– Small fleet Operator: 90-100%
– Medium fleet Operator: 100%
– Large fleet Operator: 100%
Additional funding available on body depending on customer profile
– Documents required for commercial vehicle loan are – ID proof
– Residence and office address proof
– Asset proof and loan repayment records (if applicable)
– Additional documents for guarantor.
No.A bank account is mandatory. In case you don’t have a bank account, you can apply for a new bank account which will be considered even if it has no recent transactions.
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.
Yes.
You can choose the commercial vehicle loan tenure option
No. Experience proof is required which can be validated from deployment letter/Driving license/Commercial Vehicle ownership.
Depends on the eligibility of the customer, Loan can be provided with 80-100% funding on Chassis with additional funding available on Body.
Yes. Our branch caters to customers which are within 125 km radius of branch.
Yes. You can select any of the option and you can also opt for cash Installment.
Yes, with certain terms and conditions.