Magma Used Vehicle Loans FAQs

What is used vehicle loan all about?

Magma provides loans for the entire range of used commercial vehicles including SCV, LCV , M&HCV , Tractor Trailers , Tippers and Buses. We provide loans upto 90% of the vehicle.

How do I apply?

Walk into our nearest branch.

What are the different segments and funding ranges available?

Existing Vehicle Owner

For an existing vehicle owner with a track record of 12 months the loan amount would be between 80% to 90% of the old vehicle price.

Tatkal Express

Under Tatkal Express, a loan is available upto 65% of the old vehicle price

What documentation is required?
  • KYC documents
  • For fleet / vehicle owners – fleet ownership details
  • Property ownership proof documents
  • Guarantor’s KYC and Commercial vehicle ownership proof document
What is the maximum loan I can borrow?

There is no upper cap for financing of one vehicle. As per the customer’s eligibility, the LTV will be applied on the old vehicle price.

Is there a pre-payment option for your product?

Yes. You can prepay 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?

Under certain schemes a guarantor is required. Under Tatkal Express guarantor is not required.

What are my tenure options?

We finance upto a maximum of 4 years.

Can I take the used vehicle finance without Income Proof or Business Proof?

Yes. No income proof is required. If you have the experience of commercial vehicle usage, we will provide you a loan for one vehicle.

Can I get a used vehicle loan without a bank account?

Yes. You do not need a bank account for availing used vehicle loans.

I live 75 km from your nearest branch office. Can I still get the used vehicle loan?

We finance up to 125 km from our branch location.

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

Yes. You can give us cheques for the entire tenure of the contract. Magma also collects cash from the customer.

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

No. Minimum residence stability is required for at least 2 years.