Magma Fincorp Complaints & Reviews

Magma Car Finance Is the Worst Finance Company i have ever seen in my life. I have Financed a car from them after clearing all the emis i asked for emi them they are asking for penalties unnecessarily. Please Dont take any loans and Advances from them the fulk Company is Fraud full system is Fraud and all the employees are also involved in it i will file the petition in Court...

I would like to inform you that I had all clear my due before 4 month noc and four closure not getting and my loan profile not updated since 4 month....

Sir
My name is lekharaju saikrishna. I bought a 4 wheeler with ₹3, 50, 000 of loan from Magma Fincrop. Vehicle's number ap27aw2085. The monthly installment of the car is ₹ 14060. I couldn't drive properly because of the lockdown.So 5 installments failed, the amount is ₹70, 300. The car was taken away from me on bypass Road in ongole date 08/10/2021 . Then I was asked to pay the full amount. That's amount is ₹380, 000. I couldn't...

My Name is Amit Kumar, My Loan No. -PG/0427/A/17/000051. ( Magma Finance Company )

My Contact no. [protected]

My Concern is My Loan EMI pay on google pay 3 but magma concern person deposit on back only 1, 2 EMI pending for deposit . Pending Amount - 30300 /- Person Name - Jai Gulia, Contact -[protected].

Note. EMI send to google pay screenshot already attached for your ref.

Please...

Dear team, My Car no. DL6CN3805 loan completed still following up with Mr. Santosh Sharma Pooja at your east of kailash, Delhi branch, he is just lingering on and not providing NOC also not responding on phone.
Also visited branch with my mother but no solution they are still waiting for approval, this is hike of my patience level now it’s striking very badly. Need urgent support guys. Very URGENT.
Regards
Hritvik...

Hi
Though I am not a customer of magma, there is a commercial vehicle loan reported under my CIBIL report ( PAN CVVPS4245M ) from Magma with following details attached

Loan account : PG/0303/V/13/0001
(CIBIL report image as attached )

Could you please rectify the issue at the earliest and provide me a email confirmation on the same to avoid further legal action...

Hello!!
I am sibsankar jana
Contact details
[protected]
[protected]@gmail.com
I was looking for a loan and getting contact to magama
Loan amount is 1000000
I send documents them for taking the loan.
They approved me
But next (At the starting), they wated 3500 rs
I paid the amount
Next they need 10000 for processing the loan
I paid 10000rs
After...

Dear sir


my name chetanya prakash rawal
my proposal no HL/0199/14/15/000016
LOAN DISBURSEMENT 17/06/2016
TOTAL LOAN AMOUNT 1850000
MOBILE NO [protected]
sir maine 3 sal tak kist jama ki lekin aaj tak mera kuch bhi pesa kam nahi hua 3 sal baad bhi pesa vahi ka vahi hai esse pareshan hokar maine loan ko other bank mai transfar ki application di thi or mera loan bhi other bank mai...

I had a homeloan of 7 lakhs at 11.5 % interest rate in GE money finance company in 2006 and later on it was transfered to Magma finance at 16.84 interest rate in the year 2012 without our approval. Every month we are paying the EMI of 10133 since 2006 (13 years).
A year ago i called them and asked for Foreclosure letter and statement of accounts as i was looking further for a balance transfer loan to another bank. It took a lot of...

Worst company i had seen ever. I have taken a loan in 2016. My loan settled in 2017. But they are not giving any noc for it. Also they are calling from different numbers and harassing indirectly to me and family members.
Never use services from magma fincrop. They are manipulating poor farmers and villagers.
They all are criminals please stay away from
Otherwise take a risk with the help from advocate...

I took a loan from magma housing finance with loan account number = hl/0039/h/13/000052
We took the loan on the condition that there will be no foreclosure charges since it was mandated by rbi for nil foreclosure charges for individuals. We knew that we will return the loan back in few years but when the time came bank refused to close the loan without us paying the foreclosure charges. So we had to pay 4 to 5 % on outstanding amount.br...

I am having vehicle no mp09hh1206 finance from magma, loan no - pg/0180/e/13/000080.
My one emi was overdue, i have been transferred amount in your account p[protected] rs 67500. From last 8 month i am sanding mail to email id "[protected]@magma.co.in" and so many time visited to branch but yet not receved any status about my payment, is it received, updated or not. Its very unprofesnal behaviyer from your side....

This was the reply that i received after 1 year of contant follow up(from magma)
Dear Sir,

Your TDS refund amount is ready to transfer to your account --- Please help in providing the cancel cheque copy for online transfer.

Case Study:

Your TDS amount is been refunded through cheque and also called you to pickup the same from Branch, but this is been not done.

In mean...

We have already provided them the sufficient documents to magma finance and i am constantly in touch with one of the concerned person (Rajaram-[protected]). This matter is of past year and they have still not refunded the tds amount. We request you to take strict action against them and help us recover our tds amount with interest. They are showing no sign of refunding the amount. I have already warned them (Specially rajaram) but in vain.br...

sir i bought a tractor and i took a loan from magma co of rs 2lac.and the ajent mr suhel khan told us that if i will pay the loan in 2 yra insteed of 3yrs then i will get a benefit.but after 2 yrs i have paid the entire loan along with the intrest rate, now i need a no dew recept from magma, but company is telling me that still i have to pay the loan bcoz the company and its ajent bitrayed me and they made a paper work of my loan for 3 yrs...

I have financed my car from Magma Fincop. Karnal on[protected] with loan code-pg/0033/c/09/000724. Now my all EMI have been completed on 10th Dec. 2013. But still I did not get N.O.C. Also I have registered the complaint many times on website of Magma Fincorp....

I took a 5 nos. various dated CV loans in Magma Fincorp, Chennai for my vehicles, in that 3 accounts was completed by paying all EMIs and Over dues in balance 2 nos running CV loans as on date all the EMIs are paid and only Late Charges are in due from my side Now the Magma officials are not releasing my NOC for the first 3 nos loan which is completed. They strictly insisted me and sent a mail Dated 08th July 2014 stating that Once after...

Dear sir, I have purchased a Truck Registration Number:-NL01K5821 in hypoteciation with Magma fincrop Ltd.The proposal Number for the Same is:"TG-0152-V[protected]".I have paid all my intallments and dues for the same.All my dues and intallments are cleared on July 30th 2013. But when I am asking for the No Objection Certificate for the same They are not giving me.The Employee of this financial institutions are also not behaving...

Respected Sir,

I Amruthraj Ravoori booked a new Car Hyundai I20 Sports model on 28th Sept 2011 on the name of my wife Mrs Anupama Beeraka.

I have taken the finance from the Magma Fincorp, during the LOAN AGREEMENT I have told them very clearly that I want the ECS date should be on 20th of every month. Magma Fincorp people have given me the ECS form and mentioned in the ECS form as 20th of every month starting...