Magma Used Vehicle Loans FAQs
Magma provides loans for the entire range of used commercial vehicles including SCV, LCV , M&HCV , Tractor Trailers , Tippers and Buses. We provide loans upto 90% of the vehicle.
Walk into our nearest branch.
Existing Vehicle Owner
For an existing vehicle owner with a track record of 12 months the loan amount would be between 80% to 90% of the old vehicle price.
Tatkal Express
Under Tatkal Express, a loan is available upto 65% of the old vehicle price
- KYC documents
- For fleet / vehicle owners – fleet ownership details
- Property ownership proof documents
- Guarantor’s KYC and Commercial vehicle ownership proof document
There is no upper cap for financing of one vehicle. As per the customer’s eligibility, the LTV will be applied on the old vehicle price.
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.
Under certain schemes a guarantor is required. Under Tatkal Express guarantor is not required.
We finance upto a maximum of 4 years.
Yes. No income proof is required. If you have the experience of commercial vehicle usage, we will provide you a loan for one vehicle.
Yes. You do not need a bank account for availing used vehicle loans.
We finance up to 125 km from our branch location.
Yes. You can give us cheques for the entire tenure of the contract. Magma also collects cash from the customer.
No. Minimum residence stability is required for at least 2 years.