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Magma Tractor Loans FAQs

What is the USP of your product?

Magma finances all brands of Tractors. Apart from financing new tractors, we also give loans for the procurement of used tractors. We give tractor loans upto 95% of the tractor price. We do not take land as mortgage.

How do I apply?

We have over 6,000 dealers pan India across various village-blocks, who are ready to help customers finance their tractors. Walk in to your nearest Magma branch to get your tractor financed.

What are the different segments and funding ranges available?
  • 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)
What documentation is required?
  • Land documents (confirming ownership, crop holding and land holding)
  • Encumbrance certificate (to check for hypothecation)
  • KYC documents (identification, proof of address, signature, DOB proof)
  • Guarantors KYC and copy of land ownership documents
What is the maximum loan I can borrow?

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.

Is there a pre-payment option for your product?

Yes. You can foreclose the loan any time after 6 months of taking the loan with a 5% prepayment fee on the outstanding loan amount.

Do I need a guarantor?

For marginal loans we do not need a guarantor. However, for high-end loans, we would need a guarantor. Under Tatkal Express, a guarantor is not required.

What are my tenure options?

You can choose tenure options between 12 and 60 months.

Can I take a tractor loan without Income Proof or Business Proof?

Sure. Tractor loans are disbursed based only on land holdings.

Can I get a Tractor Loan without a bank account?

We would need the latest bank statement only to check if the account is live.

I live 75 km from your nearest branch office. Can I still get the Tractor Loan?

Yes. We fund customers living within a radius of 125 km from our offices.

Can I select to give either post-dated cheque or equated monthly instalments for my entire loan payment structure?

Yes, we accept both SPDC’s and cash installments.

Can I get the loan if I have been staying at my current residence for less than six months?

No. We would check for a minimum of 3 years of residence stability.