Magma Fincorp Car Loan

Magma Fincorp offers a car loan upto 100% of the car value at the rate of 12%-16% per annum. The NBFC allows a maximum tenure of 5 years to repay the loan and charges a processing fee ranging between Rs.3500 to Rs.4625 for loan application processing.

Magma Fincorp is a good fit for you if?

If Your Annual Income is Above Rs. 1 Lac – The Magma Fincorp sets the minimum income criteria at Rs.1 lac for the self employed individuals at 1.5 lac for the eligibility of car loan. While most of the Banks like J&K bank and Allahabad bank requires as high as Rs.3 lacs minimum annual income for loan purpose the NBFC Magma fincorp has set the criteria on lower side.

If You're Looking for same day approval – If you are in a hurry to get your car purchased, the Magma Fincorp offers you a same day approval with minimal documentation of your KYC and bank statement.

If You want to avail 100% finance – Magma Fincorp offers finance upto 100% of the value of the car. So, if you don't have any funds to pay margin money, then it would be best choice for you.'

Magma Fincorp Car Loan at a glance

Annual Interest Rate

12% - 16%

Loan Term

Up to 60 months

Loan Amount

75%-100 of value of car

Time of Funding

Within 24 hours

Preclosure Charges

5% of the outstanding amount

The Magma fincorp offers a car loan at the rate of 12%-16% per annum. The repayment tenure of the loan can be as long as upto 60 months. Being an NBFC the interest rate charged by the Magma fincorp is a bit higher than the banks as the J&K bank charges 11.25% per annum and Andhra bank charges 9% respectively. The repayment tenure of the competitor banks are also longer as they allow upto 7 years for the repayment of loan.

But the Magma Fincorp allows some other features like same day funding of loan with minimal documentation and the processing charges of the Magma FIncorp are also lower then the charges of Andhra bank and J&K bank.

Why Choose Magma Fincorp?

Lower processing charges – The Magma Fincorp charges processing fee depending on loan amount from a minimum of RS.3500 to a maximum of Rs.4625. These processing charges are lower if compared with the charges of Andhra bank standing at 1% of loan amount upto Rs.25,000. The charges of City Union Bank are also higher at 1.25% of loan amount.

Avail upto 100% Finance – The Magma Fincorp offers finance upto 100% if you are availing loan with sufficient income proofs, While you can avail a loan upto 75% with just KYC documents and a bank statement.

Same day disbursal – Magma Fincorp offers the same day loan disbursal with minimal documentation. You just need to provide the KYC documents and bank statement and you can take your car home very same day.

What to watch out for?

Higher Interest rate – Being a NBFC the interest rate of the Magma Fincorp car loan is bit higher than the banks. The J&K bank offers a car loan at 11.25% per annum while corporation bank is providing at the rate of 9%-10.25% per annum.

Higher preclosure charges – In case of a preclosure of loan the Magma Fincorp charges 5% of the outstanding amount as pre closure charges which are quite higher then the charges of Andhra bank at 1% and Allahabad bank at 2.28% of the outstanding amount.

Compare Magma Fincorp Car Loans to Other Banks

Bank Name Magma Fincorp Andhra Bank Jammu and Kashmir Bank

Typical APR




Loan Term

Upto 5 years

Upto 7 years

Upto 7 years

Maximum Lending Amount

75%-100% of car price

Upto 90% of On road price of car

Upto 85% to 90% of On road price of car

Processing Fee

Rs. 3500 to Rs.4625

1% of loan amount

Rs.1,000 - Rs.25,000

0.50% of loan amount

Min Rs.500

Time to Funding

Within 24 hours of approval




5% of the outstanding amount


1% of the outstanding amount

Comparing the three car loan providers, Magma fincorp charges a bit higher rate of interest at 12%-16% per annum. While the peers J&K and Andhra bank are charging 11.25% and 9.40% respectively. The loan tenure of Magma Fincorp is upto a maximum of 60 months, while the other two offers it upto 7 years.

The Magma Fincorp offers loan amount upto 100% of the value of car if the proper income proofs are submitted, While the peers are only allowing a finance upto 90% of price of car. Magma Fincorp also offers the same day disbursal of loan while most of the banks take a minimum of 7 days to do the same.

The processing fee of Magma fincorp ranges from a minimum of Rs.3500 to a maximum of Rs.4625.The J&K bank charges 0.50% of the loan amount and the Andhra bank charges at 1% of loan amount maximum upto Rs.25,000. The pre closure charges of Magma Fincorp are quite higher at 5% of outstanding amount as the Andhra bank charges only 1% of the outstanding amount.

Am I Eligible?

  • Applicant should be a resident indian.
  • Minimum age of the borrower should be at least 21 years at the time of loan application.
  • Maximum age of the borrower should not exceeds 60 years at the time of final repayment in case of salaried and 67 years in case of self employed.
  • Applicant must be having minimum gross income of Rs. 1 lac per annum in case of self employed and Rs.1.5 lac in case of salaried.
  • Residential stability for at least one year.

Loan Offerings

Magma Car Loan

  • Magma Fincorp offers a car loan to the both salaried and self employed individuals under the scheme named "Magma car loans". Magma fincorp offers upto 100% finance for the purchase of new car with the same day disbursal on minimal documentation. The magma Fincorp charges in a range of 12%-16% per annum for the car loan and also levies the processing charges of Rs.3500 upto RS.2.5 lac loan, Rs.4050 upto Rs.5 lac loan and a maximum of Rs.4625 above Rs.5 lac loans.
  • The preclosure charges are 5% of outstanding amount and the preclosure is only allowed after payment of first 6 installments. Magma fincorp requires a minimum annual income of Rs.1 lac for the self employed and Rs.1.5 lac in case of salaried individual to be eligible for the loan.
  • Documents required for Salaried applicants:
    • KYC Documents
    • Income proof
      • Form 16 / letter from Employer
      • Last 6 months salary slip
    • 3 passport photographs
    • One year residence stability proof.
    • Any other document which may be required from case to case.
  • Documents required for Self-Employed applicants:
    • KYC Documents
    • 3 passport photographs
    • Income proof
      • Last 2 years' ITR
      • Last 6 months bank statement

Magma Fincorp Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Magma Car Loan

12%-16% per annum

How do I apply for Magma Fincorp Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT"

At the nearest Magma Fincorp Online Portal

  • You can apply for Magma fincorp car loan online through their website by inputting some basic information along with your loan requirements.
    • To apply online for a Magma Fincorp car loan click here.
    • Fulfill all the details like your Name, Email Id and loan requirements and click "Request a callback".

At the nearest Magma Fincorp

  • To locate a branch near you click here. Enter your location/city and you will find a list of the branches available near you.
    • You can visit the nearest Magma fincorp branch with the necessary documents and can ask for an application form for car loan.
    • Attach all the necessary documents and re-check the application form for confirmation.
    • Submit the application form along with the documents.

After I Apply?

Check Loan Status Offline

  • Through Magma Fincorp Customer Care
    • Dial 1800-266-3202 from your registered number.
    • Dial 1 for hindi, 2 for english, 3 for bangla,4 for marathi, 5 for gujrati,6 for punjabi.
    • After selection of language dial 1 for loan services.
    • Wait as the IVR connect you to executive, provide him details of your loan query like registration no. and he will update you with the status.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

Rs.3500 to Rs.4625

Foreclosure Charges

5% of the outstanding amount

Penal Charges

3% per month


How much maximum amount can I get as a car loan from Magma Fincorp?

The maximum amount allowed by Magma Fincorp for a car loan depends on your annual income and occupational status. If you are a salaried individual then you can get 3 times of your salary as loan amount and In case you are self employed you can get 6 times of your annual income as a car loan.

What is the maximum age limit?

The minimum age required by the Magma Fincorp is 21 years, While the maximum age can be 60 years at maturity of loan in case of salaried and 67 years in case of self employed.