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Magma Used Vehicles Loans Interest Rate & Charges

INTEREST RATE
  • Interest rates vary from 16% to 20% per annum. Magma has various schemes to meet the needs of the customers.
FORECLOSURE CHARGES
  • 5% of the Principal Outstanding for pre-closures beginning 6 months after date of agreement.
  • No foreclosure allowed within 6 months from date of availing of the used vehicle loan. Foreclosures within 6 months are allowed under exceptional circumstances with lock-in period charges.
LATE PAYMENT PENALTY
  • 3% per month.