Here are some reasons why customers prefer Magma Finance for a car loan:
- One can obtain an auto loan from Magma Fincorp to purchase passenger cars, commercial vehicles, multi-utility vehicles, etc.
- Magma Fincorp offers end-to-end doorstep service to its customers.
- Less paperwork is involved for car loans up to 70% of the total value of the car. Car loan processing depends on just your KYC and bank documents.
- Magma Fincorp offers flexible car loan repayment options which include ELectronic Clearing Services (ECS), Auto-Debit Arrangement (ADA), Equated Monthly Installments (EMI) and Post Dated Cheques (PDC).
- Salaried professionals can borrow up to 3 times their annual pay while self-employed persons can borrow up to 6 times their annual income.
- Existing Magma Fincorp customers can get easy loans with a good track record of loan repayment for 12 months or more. Existing customers need not provide income documents to apply for a car loan at Magma Fincorp.
- Magma Fincorp offers personalized customer services and has a streamlined documentation process in place to ensure that a loan is processed and approved quickly.
Who is eligible for Magma Fincorp Car Loan?
At Magma Fincorp, you can get loans for utility vehicles, cars, passenger vehicles, tractors, commercial vehicles, and used vehicles. The different types of car loans offered by Magma Fincorp include agri-based car loans, Tatkal car loans, no-income proof car loans, car loan for commercial use, and a car loan for salaried or self-employed.
Salaried employees must have minimum 2 years work experience, be 21 to 60 years old, have a minimum annual income of Rs.1.5 lakh, and must be residing in the current address for minimum 1 year. Self-employed customers must be in business for a minimum 2 years, be 21 to 67 years old, earn minimum Rs.1 lakh per year, and must have a stable residence for minimum 1 year. Supporting documents that an applicant has to be submitted along with a duly-filled and signed car loan application form varies from scheme to scheme.
Car loan applicants have to submit KYC documents such as identity proof, address proof, and income proof. Form 16, last 3 months’ payslips and bank statements are needed for income proof.
Check Magma Finance Car Loan Status Online
Customers can submit an online form on the Magma Fincorp website for any queries, complaints or feedbacks that they may have. Here is a step-by-step guide to track Magma Finance car loan status online through the company website:
- Step 1 – Click on the ‘Contact Us’ tab on the bottom left corner of the webpage.
- Step 2 – You will be directed to a new web page wherein you have to Enter your name, mobile number, email ID, and city in the respective boxes.
- Step 3 – Select your state from the drop-down box.
- Step 4 – Verify if you are a new customer or an existing customer.
- Step 5 – Select the type of query you need assistance with – customer service, general inquiry, feedback or complaint.
- Step 6 – Choose your product from the drop-down box, in this case, it will be a car loan.
- Step 7 – Type your message in the message box.
- Step 8 – Recheck the information provided by you in the form and ensure it is correct.
- Step 9 – Click on the ‘Submit’ button.
Track Magma Finance Car Loan Status by Loan Application Number
At the time of applying for a Magma Finance car loan, you will be given a reference number or application number with which you can track your car loan application status. When contacting the company to inquire about the status of your car loan application, state your reference number or application number.
Magma Finance Car Loan Application Tracking by Mobile Number
Magma Finance car loan application status can be tracked by your mobile number. Customers can ‘Request A Callback’ by submitting an online form on the company website. All you have to do is enter your personal details such as name, mobile number, email ID, city, state, and car loan status query in the online form. Click on the ‘Submit’ button. An authorized agent of Magma Fincorp will call you back to answer your query.
