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Quick Pay Faqs

What is “Quick Pay” service?
“Quick Pay” is an extremely simple and secure way of paying your current & overdue loan repayments online through your bank accounts, Debit Cards (Master / Visa / Maestro / RuPay), Airtel Payment Bank & UPI (Unified Payments Interface)
What are the benefits of 'Quick Pay'?

Your Loan repayments are made quick and convenient. You no longer have to draw cheques, visit a branch and wait in a queue for your turn, to make payments

How do I make a payment through “Quick Pay”?

You can make an online payment through your bank’s Internet banking account / Debit cards / Airtel Payment Bank / UPI in the following 4 simple steps

  • Step 1: Browse Magma website www. magma.co.in and click on the “Quick Pay” link
  • Step 2:For Retail customers / Individuals: Type your loan number once in the respective field. For Corporate Customers / Non-Individuals loan account number should be validated using PAN no.
  • Step 3:Fill the required details on the Customer Interface page
  • Step 4:Click on the “pay now” option after agreeing to the terms & conditions and reading the disclaimer and you will be redirected to the payment gateway page.
Do I need to register in Magma website for “Quick Pay” to make payments from the account of the other bank?

No

Is payment through “Quick Pay” secure?

Yes, it is secure through 128 bits SSL (Security Socket Layer) encryption

Is there any charge for using “Quick Pay”?

No

Can I pay using my Credit card?

No

Can I use an international Master / Visa Debit card issued outside India?

Yes

Can I use a Master / Visa prepaid card / gift card issued in India?

Yes the same can be used provided the bank supports online payment service.

Can I use Amex / Diners / Maestro?

No.

Can I make payment through Wallets and UPI?

Wallets cannot be used to make payment. Currently the service through UPI payment is enabled.

What if I made an error while entering my loan number and made a payment to somebody else’s loan number?

There are certain checks available to avoid payment against wrong loan numbers. These checks are as follows

  • The loan number needs to be 19 alphanumeric character in nature.
  • The loan number will be validated by PAN validation logic (applicable for Corporate Customers / Non-Individuals)
  • Once the Loan no is validated payment page will be displayed where masked customer details will be automatically populated.
  • Even if you have made a payment to a wrong loan number, you need to call our 24-hour Customer Care and register a Service Request (SR). Alternatively, you can raise the Service request in the “ Contact Us” menu in the website
Will I receive any transaction advice for “Quick Pay” loan payments?

You will receive a transaction acknowledgment which can be downloaded in your terminal and print can be taken; alternatively, you will also receive an m-acknowledgment. E-mail notification will only be received if your mail Id is registered or you have entered the mail Id in the loan validation page

Can I make a payment more than the Amount Payable shown in the statement?

Yes. Please contact your branch / customer care for further clarification

Can I make payments against Closures, Foreclosures and Partial payment?

No

What if I wrongly made an excess payment for two different transactions or the same had been debited from my account more than once due to some technical issue for the same loan number?

The excess payment if received any will be adjusted towards future installment and the refund for the same can be obtained through any of our branches by making a written application or you need to call our 24-hour Customer Care and register a Service Request. Alternatively Service Request can be raised through the “Contact Us” menu in the Magma website

How will I know that the payment is made successfully?

Post every successful transaction; you will get a success SMS along with a valid transaction reference number. However, sometimes the transaction is successful but a transaction reference number cannot be displayed due to power cuts, connectivity issues, or any technical issues, in such cases you are advised to check your bank account credit balance to know whether the transaction has happened or not. You should report about it to MAGMA if your loan number is not credited within 2 working days from the date of the actual transaction.

How are payments processed?

Your payments are processed immediately after you have authorized the transaction from your bank’s net-banking facility using valid User ID and Password or through Debit card. If your payment is successful, you will be informed that your payment has been successful and a payment transaction reference number will be displayed with a successful transaction acknowledgment simultaneously an SMS alert will be sent to your registered mobile no. If your payment is unsuccessful, you will be informed that your transaction was unsuccessful through an SMS in your registered mobile no and also an unsuccessful transaction acknowledgment will be displayed on the screen.

When can I check my MAGMA loan statement to know my payment status?

Three working days from the date of payment.

What if the payment is not credited even after three working days?

Please contact our 24-hour Customer Care and register a Service Request (SR) after providing all the transaction details, alternatively Service Request can be raised through the “Contact Us” menu in the Magma website or visit our nearest Magma branch for clarification.

How can I prove that I have made a payment?

You can track your payments from your bank statement if you need to provide proof of payment. Your bank statement will show the charge to your account from the billing vendor with a transaction number similar to the “Quick Pay” transaction reference number. In addition to the above, you will get a valid transaction acknowledgment post your successful transaction. The same can be used to track and resolve your queries and disputes.

How can I access the information that I have made the payments?

Any payments made will be reflected in your loan account statement within two (2) working days. The loan account statement is available from branch or the information can be available through customer care.

Can I make a payment when I am outside India?

You can make payments from anywhere in the world, provided you have an Internet connection and can connect to the Magma website.

Is the exact overdue amount shown on the screen in real time?

Yes. The amount payable is shown on screen is real time

Do I need to take permission from my bank for making a payment through “Quick Pay”?

No, you need not take permission if you have net-banking facility or a valid card type, i.e. (VISA / MASTER / RuPAY / MAESTRO), UPI or Airtel Payment Bank which supports online transactions.

How can I update my demographic details in my loan account?

You may contact your nearest branch / customer care for updating your personal details.

How do I obtain a Duplicate Repayment Schedule / Loan statement for my loan account?

Please call Customer Care, alternatively you can raise the service request through the “Contact Us” menu in the website or visit the nearest branch with the request