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Magma Fincorp

Magma is a financial organization which was incorporated in the year 1989 with an aim to touch a million lives and invest even the smallest dreams of individuals. Magma assures financial stability of individuals by providing them loans when needed while managing assets worth Rs. 192 billions. You can easily locate Magma across the country with around 230 branches spread out across semi-urban and rural India. Magma with over 27 years of experience has been able to reach out to areas unreached in the areas of financial sector. Magma has been awarded AA- rating with a positive outlook by ICRA.

Products offered by Magma Fincorp:

• Car Loans: Magma offers up to 100 % car loans for its customers with annual salary of Rs. 1,50,000/-

• SME Loans: SME loans at Magma are loans that can be availed to start up or expand your business across India. SME loans start from Rs. 3 Lakhs to Rs. 2 Crores which can be paid over a period of 12 to 48 months and also there is no need for primary or collateral security to obtain SME loans at Magma.

• Construction Equipment Loans: Construction equipment loans are loans availed for procurement of construction equipments. Loan amount can be availed for 80% to 100% of the asset value directly dependent upon the customer grading.

• Commercial Vehicle Loans: Construction equipment loans are loans availed for procurement of construction equipments. Loan amount can be availed for 80% to 100% of the asset value directly dependent upon the customer grading.

• Tractor Loans: Tractor loans are loans for financing tractors. An amount ranging between 90 to 95% of tractor price can be financed through these loans.

• Used Vehicle Loans: Used Vehicle loans are loans provided for purchase of used vehicles which can be small commercial vehicles to used tractor trailers which can be availed for a long tenure of 15 years.

• Auto Lease: Magma Auto Lease is one-stop-shop financing facility catering for the needs of Small, Medium to Large Businesses along with fleet acquisition needs of the customers.

• Housing Finance: Home Loans at Magma are available for Residential, Commercial as well as Plot collateral security starting from loan amount as low as Rs. 3 Lakhs for convenience of its customers for a long tenure of 20 years.

Eligibility and Documents for Salaried

Products Documents list Eligibility criteria and locations
Car Loan
  1. Passport / PAN Card / Driving license / Photo credit card (front only) / Banker verification letter ( Only online)
  2. Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR /Admin sign
  3. Passport / Voters ID card / Driving license / PAN card
  4. Appointment letter / Form 16
  5. Employee ID card and visiting card
  6. Latest 3 months salary account bank statement
  7. Salary slips of last 3 months
• Be employed by the same employer for at least two years. • Be at least 21-years-old at the beginning of the car loan tenure and under 60-years-old or retirement age, whichever is lower, at the end of the loan tenure. • Have an annual salary of at least Rs. 1,50,000. • Have residential stability for at least one year. Location for Funding Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanaga
Home Loan
  1. PAN Card – For Company /Firm/ individual.
  2. Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
  3. Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
  4. Bank Statement (latest 6 months)
  5. Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  6. Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  7. Assets proof and loan repayment record if applicable
  8. Land documents (confirming ownership, crop holding and land holding)
  9. Encumbrance certificate (to check for hypothecation)
• Valid KYC documents must be available in the name of all the borrowers • Continuity of income with requisite stability norms • Clear banking and loan repayment history • Legal & technical clearance of the property-collateral • Positive checks & references LOCATION FOR FUNDING Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanagar

Fees and Charges for Salaried

Products Fees and Charges
Car Loan 1. Interest Rates : 12% to 16%
2. Processing fees starts from 3500/- to 4625/- depending on your loan
3. Late charges varies from 3% depending on the tenure
4. Chq / ECS Bounce Charges: Rs. 550/-
5. Foreclosure Charges: 5% of principal Outstanding
Home Loan 1. Interest Rates : 12.50% onwards •
2. Late charges varies from 3% depending on the tenure
3. Chq / ECS Bounce Charges: Rs. 550/-
4. Foreclosure Charges: As per Terms & conditions specified by NHB from time to time.

FAQs for Salaried

1. What is the maximum loan amount I can get for Car Loan?
Ans.Salaried professionals can borrow up to three-times their annual salaries, while self-employed professionals can borrow up to six-times their annual incomes.
2. What Does Magma Offer for Car Loan?
Ans. • Tatkal Loan Scheme: For loans worth 60-65% of ex-showroom prices on any car, SUV or MUV for commercial or personal use, just submit your KYC documents along with your latest bank statement. • Magma Privilege Scheme: Existing Magma loan customers with clear repayment records for last 12 months or more, are eligible for fresh loans with EMIs at 1.5-times those on the current loan without the hassle of re-submitting income documents. • Agri Land-based Funding: If you have agricultural land of between three and five acres, you can get a loan of up to 80% of the ex-showroom price on a new vehicle. • No Income Proof Scheme: With just your business and property proof documents for the last two years, you can get a loan of 75% of the ex-showroom price for any B-segment car, or 65% for any C-segment car.
3. What is the maximum loan amount I can get for House Loan?
Ans.Loan amount is subject to income and valuation of Property.
4. What is the Maximum tenure for Home Loan?
Ans.You can choose tenure options between 12 months to 240 months.
5. What are the different types of home & home equity loans we provide?
Ans.• For construction & purchase of a property • For acquiring a plot to construct a house • For re-sale, renovation/Home Improvement & Extension of an existing house • For balance-transfer & top-up of an existing Loan from a few specified Lenders • For personal as well as for business-purpose, Loan Against Property is available

Eligibility and Documents for Self Employed

Products Documents list Eligibility criteria and locations
Business Loan
  1. PAN Card – For Company /Firm/ individual
  2. Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
  3. Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License
  4. Bank Statement (latest 6 months)
  5. Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited
  6. Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  7. Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
Self-employed professionals and non-professionals engaged in Manufacturing or Trading. • At least five years of operations for the business • Minimum turnover of Rs. 40 lacs in the manufacturing and trading industries, and Rs.15 lacs in the service industry. • Cash profit for the previous two years. • Clear banking and loan payment history. • Positive business net worth. • Demonstrated growth in turnover Location for Funding Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanagar.
Car Loan
  1. Passport / PAN Card / Driving license / Photo credit card (front only) / Banker verification letter ( Only online)
  2. Passport / Driving license / Ration card / Latest mobile bill /Passport / Voters ID card / Driving license / PAN card
  3. Latest 6 months account bank statement
• Have been in the same business for at least two years. • Be at least 21-years-old at the beginning of the loan tenure and under 67-years-old at the end of the loan tenure. • Earn at least Rs. 1,00,000 per year. • Have residential stability for at least one year Locations for Funding ALL OVER INDIA
  1. PAN Card – For Company /Firm/ individual.
  2. Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
  3. Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
  4. Bank Statement (latest 6 months)
  5. Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  6. Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  7. Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

• 1 -3 years experience required
• Turnover should be Rs 50 lacs or more
• Minimum asset ownership greater than Rs. 50 Lacs
• Live track record of 12 months required
• Internal Guarantor required

Locations for Funding
Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane
Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanagar

  1. PAN Card – For Company /Firm/ individual.
  2. Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
  3. Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
  4. Bank Statement (latest 6 months)
  5. Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  6. Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  7. Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
  8. Assets proof and loan repayment record if applicable
• Experience proof • Property ownership proof required • Resident stability of 2 years • Trade references required • Internal / External guarantor required location for Funding Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanagar
  1. PAN Card – For Company /Firm/ individual.
  2. Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
  3. Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
  4. Bank Statement (latest 6 months)
  5. Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  6. Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  7. Assets proof and loan repayment record if applicable
  8. Land documents (confirming ownership, crop holding and land holding)
  9. Encumbrance certificate (to check for hypothecation)

AGRICULTURAL SCHEME
• Minimum of 2 acres of land ownership required
• Guarantor required
TATKAL SCHEMES
• No guarantor required
• No land ownership documents required
COMMERCIAL USE SCHEME
• Property ownership documents required
• Residence stability of 3 years required
• Guarantor required
LOCATION FOR FUNDING
Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane
Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanagar

Home Loan
  1. PAN Card – For Company /Firm/ individual.
  2. Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
  3. Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
  4. Bank Statement (latest 6 months)
  5. Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
  6. Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
  7. Assets proof and loan repayment record if applicable
  8. Land documents (confirming ownership, crop holding and land holding)
  9. Encumbrance certificate (to check for hypothecation)

• Valid KYC documents must be available in the name of all the borrowers
• Continuity of income with requisite stability norms
• Clear banking and loan repayment history
• Legal & technical clearance of the property-collateral
• Positive checks & references

Location for Funding
Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai and Thane
Ahmedabad, Pune, Kolkata Aurangabad, Baroda, Chandigarh, Cochin, Coimbatore, Gandhinagar, Ludhiana, Madurai, Mandi, Gobindgarh, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Khanna, Kolhapur, Kota, Ludhiana, Madurai, Mangalore, Mohali, Mysore, Nagpur, Nasik, Panchkula, Panipat, Patna, Rajkot, Ranchi, Trichi, Trivandrum, Vijayawada and Yamunanagar

Fees and Charges for Self Employed

Products Fees and Charges
Car Loan 1. Interest Rates : 12% to 16%
2. Processing fees starts from 3500/- to 4625/- depending on your loan
3. Late charges varies from 3% depending on the tenure
4. Chq / ECS Bounce Charges: Rs. 500/-
5. Foreclosure Charges: 5% of principal Outstanding
1. Interest Rates : 13% to 15%
2. Late charges varies from 3% depending on the tenure
3. Chq Bounce Charges : 550/- per bounce
4. Foreclosure Charges: 5% of principal Outstanding
5. Processing Fees 3850/-
1. Interest Rates : 12% to 18%
2. Late charges varies from 3% depending on the tenure
3. Chq Bounce Charges : 550/- per bounce
4. Foreclosure Charges: 5% of principal Outstanding
5. Processing Fees 3850/-
1. Interest Rates : 16% to 20%
2. Late charges varies from 3% depending on the tenure
3. Chq / ECS Bounce Charges: Rs. 550/-
4. Foreclosure Charges: 5% of principal Outstanding
Home Loan 1. Interest Rates : 12.50% onwards •
2. Late charges varies from 3% depending on the tenure
3. Chq / ECS Bounce Charges: Rs. 550/-
4. Foreclosure Charges: As per Terms & conditions specified by NHB from time to time.

FAQs for Self Employed

1.What is the maximum loan amount I can get for Car Loan?

Ans.Salaried professionals can borrow up to three-times their annual salaries, while self-employed professionals can borrow up to six-times their annual incomes.

2. What Does Magma Offer for Car Loan?

Ans.
• Tatkal Loan Scheme:
For loans worth 60-65% of ex-showroom prices on any car, SUV or MUV for commercial or personal use, just submit your KYC documents along with your latest bank statement.
• Magma Privilege Scheme:
Existing Magma loan customers with clear repayment records for last 12 months or more, are eligible for fresh loans with EMIs at 1.5-times those on the current loan without the hassle of re-submitting income documents.
• Agri Land-based Funding:
If you have agricultural land of between three and five acres, you can get a loan of up to 80% of the ex-showroom price on a new vehicle.
• No Income Proof Scheme:
With just your business and property proof documents for the last two years, you can get a loan of 75% of the ex-showroom price for any B-segment car, or 65% for any C-segment car.

3. What is the maximum loan amount I can get for Business Loan?

Ans.You can avail loans from 3 lacs to 2 cr without collaterals depending on your profile, income n repayment capacity and respective location product cap.

4. What is the Maximum tenure for Business Loan?

Ans.The repayment tenure ranges from 12 to 48 months. Self Employed doctors can avail loan up to 60 months.

5.What is the maximum loan amount I can get for Construction Equipment?

Ans.We provide maximum Loan of up to Rs 1.50 Crore in retail categories & Rs 10 Crore for Strategic categories depending on various factors and customer segments.

6. What is the Maximum tenure for Construction Equipment Loans?

Ans.The repayment tenure ranges from 12 to 48 months.

7. What is the USP of the loan for Construction Equipment?

Ans.We understand that our customers have different needs, especially those who are going to own an asset for the first time; so we’ve designed customized products to provide the best offerings in terms of repayment terms, loan-to-asset value ratios and product selection criteria.

8. What are the different Segments and Funding ranges available for Construction Equipment?

Ans. FTU/FTB: 75-85%,Small Customers: 80-90%,Strategic customers: 90-95%,Medium sized business customer- 85-90%.

9.What is the maximum loan amount I can get for Commercial Vehicle?

Ans.Depends on the eligibility of the customer, Loan can be provided with 80-100% funding on Chassis with additional funding available on Body.

10. What is the Maximum tenure for Commercial Vehicle Loans?

Ans.The repayment tenure ranges from 12 to 60 months.

11. What are the different Segments and Funding ranges available for Commercial Vehicle Loans?

Ans.
• First Time Buyers -80-95%
• Small Fleet operator -90-100%
• Medium Fleet operator -100%
• Large Fleet operator -100%

12. Can I get a Commercial Vehicle Loan without a bank account?

Ans.No. Bank account is mandatory. In case you don’t have bank account, you can apply for new bank account which will be considered even if it has no recent transactions.

13.What is the maximum loan amount I can get for Tractor?

Ans.There is no cap on the amount. As per the customer eligibility the LTV will be applied on the tractor price. Easy loans (without income documents) for existing Magma customers with good repayment records for 12 months or more.

14. What is the Maximum tenure for Tractor Loans?

Ans.You can choose tenure options between 12 and 60 months.

15. What are the different Segments and Funding ranges available Tractor Loans?

Ans.
• Agri: Upto 95% (Minimum 2 acres of land holding)
• Commercial: 70-80% (Property ownership and guarantor required)
• Tatkal Scheme: 50-60% (Without land ownership. Guarantor required)