Magma Tractor Loans FAQs
Magma finances all brands of Tractors. Apart from financing new tractors, we also give loans for the procurement of used tractors. We give tractor loans upto 95% of the tractor price. We do not take land as mortgage.
We have over 6,000 dealers pan India across various village-blocks, who are ready to help customers finance their tractors. Walk in to your nearest Magma branch to get your tractor financed.
- Agri: Upto 95% (Minimum 2 acres of land holding)
- Commercial: 70-80% (Property ownership and guarantor required)
- Tatkal Scheme: 50-60% (Without land ownership. Guarantor required)
- Land documents (confirming ownership, crop holding and land holding)
- Encumbrance certificate (to check for hypothecation)
- KYC documents (identification, proof of address, signature, DOB proof)
- Guarantors KYC and copy of land ownership documents
There is no cap on the amount. As per the customer eligibility the LTV will be applied on the tractor price. Easy loans (without income documents) for existing Magma customers with good repayment records for 12 months or more.
Yes. You can foreclose the loan any time after 6 months of taking the loan with a 5% prepayment fee on the outstanding loan amount.
For marginal loans we do not need a guarantor. However, for high-end loans, we would need a guarantor. Under Tatkal Express, a guarantor is not required.
You can choose tenure options between 12 and 60 months.
Sure. Tractor loans are disbursed based only on land holdings.
We would need the latest bank statement only to check if the account is live.
Yes. We fund customers living within a radius of 125 km from our offices.
Yes, we accept both SPDC’s and cash installments.
No. We would check for a minimum of 3 years of residence stability.