Magma Finance Car Loan

Magma Finance Car loanCar Loan @ 9.50%*

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Magma Finance Car Loan

Why Magma Finance Car Loan?

  • Features of Magma Finance Car Loan
    • Funding up to 100% of Car’s ex-showroom price.
    • Loan tenure up to 7 years.
    • Pre-Qualified Car Loans for existing customers.
    • Attractive Interest Rate @ 9.50%*
    • Easy and simple documentation.
    • No income document

    Benefits

    • Flexible and Affordable repayment options.
    • Quick and Instant approval of Loan
    • Attractive deals from associated car dealers.
    • Insurance cover, repayable along with EMI.
    • Zero Pre-payment charges under ‘Multi Advantage Car Loans’ product.
    • Special Offer for existing Magma Finance customers.

 

Magma Finance Car loan Documents

Documentation required for Car Loan

List of Car Loan documents required for Salaried Individual

Documents you will need to submit:

  • Proof of Identity: Passport copy, PAN Card, Voters Id card, driving licence( Laminated, Recent, Legible)
  • Income Proof: Latest salary slip with form 16.
  • Address Proof: Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
  • Bank Statement:Need Last 6 months Bank Statement

List of Car Loan documents required for Self Employed

Documents you will need to submit:

  • Proof of Identity: Passport copy, PAN Card, Voters Id car, driving licence( Laminated, Recent, Legible)
  • Income Proof: Latest ITR
  • Address Proof: Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card
  • Bank Statement:Need Last 6 months Bank Statement

 

 

Magma Finance Car Loan Eligibility

Eligibility for Car Loan

Eligibility Criteria for Salaried Individuals

This category includes salaried doctors, CAs, Govt Employees and private limited companies such as public sector undertakings and central, state and local bodies.

You should:

  • Minimum age for Salaried is 21 years and Maximum age = 60 years
  • Minimum Job Experience at least 2 years, and a minimum of 1 year with your current employer
  • Earn at least an income of Rs. 1,80,000 annually, including the income of your spouse/Co-applicant.

Eligibility Criteria for Self-employed Individuals

This category includes self-employed sole proprietors in the business of manufacturing, trading or services.

You should:

  • Minimum age for Salaried is 21 years and Maximum age = 65 years
  • Be in business for at least 2 years
  • Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars.
  • Have a telephone at residence / Post Paid mobile connection