Magma Fincorp Used car Loan | Interest Rate | Eligibility | Documents
Magma Fincorp Used Vehicle loans: Get Details on Used vehicle finance interest rates, documents, eligibility and other charges charged by magma fincorp.
Features and benefits: Magma provide loans for the entire range of used commercial vehicles from Small Commercial vehicles to Tractor Trailers.
- Repayment tenure of upto 15 years.
- Flexible documentation and easy processing.
- Loans available for entire range of used commercial vehicles.
- Loans for a wide range of customer profiles.
- Loan repayment options in monthly cash installments, auto debit, ECS (Electronic Clearing Services) and PDC’s (Post Dated Cheques).
- End-to-end doorstep service
- Easy loans (without income documents) for existing Magma customers with good repayment records for 12 months or more.
Interest Rates: Interest rates vary from 16% to 20% per annum
Late prepayment Penalty: 3% per Month
Processing Fees: 1% of Loan amount
Foreclosure charges:
- 5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement.
- No foreclosure allowed within 6 months from date of availing the car loan.
Eligibility:
– 1 Property ownership
– Guarantor (there are certain schemes where no guarantor is required)
– No guarantor required
– Only KYC document required
– Declaration and proof of current fleet ownership
– Track record
Available Loan Products of Magma Fincorp
