MAGMA CAR LOAN SCHEMES

MAGMA FINCORP

Magma Fincorp, earlier Magma Leasing Ltd., is an Indian NBFC (Non-Banking Finance Company), started in 1989, headquartered in Kolkata. It is registered as an AFC (Asset Finance Company) and is regulated by the RBI. It has over 275 branches and its reach extends to the semi-urban and rural sections.

Magma Fincorp is engaged in the business of retail finance. Its products and service offerings include financing commercial, passenger and utility vehicles, used vehicles, construction equipment, loans to SMEs, home loans, loans against gold, mortgage finance and general insurance.

MAGMA'S APPROACH

Magma aims for financial inclusion by reaching out to the lower strata of the economy that are largely ignored by the Indian banking system, making it hard for them to avail of funds for their financial needs. This includes those who are considered risky by mainstream financial institutions due to low creditworthiness.

Magma Car Loan has a successful approach towards analysing a borrower's creditworthiness, reflected in their low NPAs. They achieve this by spreading risk across regions and customer profiles and maintaining adequate provisions.

MAIN FEATURES OF MAGMA CAR LOANS

Magma offers financing for both new and used cars (commercial and personal) at attractive interest rates starting at 10.50%

Flexibility in repayment of EMIs (Post-dated cheques, ECS, cash) Varied and inclusive eligibility requirements (income proof not compulsory) LTV : upto 100% (on most hatchbacks/sedans) Guarantor not required Prepayment option available @ 5% of outstanding balance Quick processing and low processing fees Doorstep service Quick loan disbursal (within 48 hours of submitting documents)

LOAN TENORS

Salaried borrowers: upto 84 months

Others: 12-60 months

ELIGIBILITY

- Age: Between 21 yrs. and lower of 60 yrs or retirement age.(salaried) 67 yrs (self- employed)

- Minimum Income: Rs. 1.5 lakhs (salaried); Rs. 1 lakh (self-employed)

- Employment: 2 yrs. with same employer/ business for salaried/self-employed persons respectively.

- Residence: Minimum 1 yr. at same place

LOAN AMOUNT ELIGIBILITY

- Salaried borrowers: up to 3 times the yearly income

- Self-employed borrowers: up to 6 times the yearly income

LOAN DOCUMENTATION

- Proofs of age, identity, address, signature, residence (one year), employment (2 yrs with the same company), income (pay-slips/bank statements), 2 yrs. tax returns (Form 16 for 2 yrs. if salaried borrowers)

- If income documentation cannot be provided then proofs for age, id, address, residence (1 year at least) and signature will have to be provided along with proof of business carried on or agricultural land holding.

Documentation required can differ under each scheme.

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