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Commercial Vehicles Loan FAQs

What is the USP of your product?

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.

How do I apply?

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

What are the different segments and funding ranges available?

– 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

What documentation is required?

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.

Can I get a Commercial Vehicle Loan without a bank account?

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.

Is there a pre-payment option for your product?

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?

Yes.

What are my tenure options?

You can choose the commercial vehicle loan tenure option

Can I take a Commercial Vehicle Loan without Income Proof or Business Proof?

No. Experience proof is required which can be validated from deployment letter/Driving license/Commercial Vehicle ownership.

What is the maximum loan I can borrow?

Depends on the eligibility of the customer, Loan can be provided with 80-100% funding on Chassis with additional funding available on Body.

I live 75 km from your nearest branch office. Can I still get the Commercial Vehicle Loan?

Yes. Our branch caters to customers which are within 125 km radius of branch.

Can I select to give either post-dated cheque or equated monthly instalments for my entire loan payment structure?

Yes. You can select any of the option and you can also opt for cash Installment.

Can I get the loan if I have been staying at my current residence for less than six months?

Yes, with certain terms and conditions.