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 pay this amount, For that, Magma Fincrop sold the car to a third party without informing me. Then they demanded another ₹395, 000 from me. The third party person harrasing me for transferred the name
Due to this me and my guarantor civil score goes down a lot and for this I can't take any loan from anywhere else.
My humble request is that appropriate action be taken on this matter as soon as possible.I have been in a very bad situation since this car left because my family was dependent on this car.

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 help to resolve my issue

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 Sharma
Seegull laboratories (I) Pvt. Ltd.

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 ho gaya but maine 1st time forcloser liya tha uske according maine pese jama kar diye the 23/05/2019 ko mera forcloser 155880 rs mujhe pay karne the esme se maine date 23/05/2019 ko chq no 211372 branch indusind bank ltd kota 147250 rs jama kiya tha or bus 8630 rs baki the vah mai kisi karan jama nahi kar paya aab mai jama karna chahta hu to maine dubara forcloser niklavaya to usme date 07/0/2019 ko 45218 rs aaye 2mahine mai etna difference kese aaya es problem ko koi nahi sold kar raha hai mai bhatak raha hu bus so plz soled my problem

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 time and follow ups for me to just get the documents for BT loan. The Outstanding amount was still 7.5 lakhs. I was almost done with the process and they i received a call from delhi magma finance branch to stop the loan process and they would assured me to lower the interest rates, so i was convinced and abandoned the whole process, and then they never responded/ revered back.
Now again currently (april 2019) i received a letter from magma about the increased interest rates of 19%. Since long time i am trying to get the foreclosure statement but no one is responding.
And now they are saying that the tenure end in 2033 year.

This is one of the worst companies and a king of frauds in market.

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.
I was looking forward to go to court regarding this but now i am here, wana give it a try.

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 time the TDS refund cheque is been expired and we have again send the cheque to our HO to release payment through NEFT.

Trust if you provide me the scan copy of cheque the amount will be refunded today or maximum tomorrow.

we mailed them the below statement-
mr. Rajaram(magma employee with whom i was constantly following with this matter)
the charges you have put on our company are completely baseless that we have been called and we were unable to pick the cheque from your company.second thing you are trying to hide your mistake by putting our comany in fault.
3-we have come to know that the tds cheques are pending when our chartered accountant told me that the t.d.s refund is still pending from magma company rather it was your responsibility to ackowledge regarding refund.just showing us that the cheque was made and it was ready doesnt make any sense.
4-after my ca alerted me i had put a mail 6-7 months back(approx) that i havent received a t.d.s refund from your side.you replied please submit the tds certificates to the bramch.we also did that and we were told you would be informed when we receive the cheque from the head office.
mr.Rajaram(THE GENTLEMAN)who thinks he is the powerful man, i was after you from past 5 months, but you are busy in the meeting for 24 hours and you ignored us.u also ignored our calls.you also ignored my whatsapp.and i remember 2-3 times you have picked my phone also and replied me that i will check and let you know in 10 mi.but i just waited for your call.
mr.Rajaram you have no sense how to deal with the customers.remember PREVENTION IS BETTER THAN CURE.
when icame in your branch to foreclose the loan i know rudely you behaved, itstill pinch me and you also charged meunnecesary hefty cheque return charges which was technical error
to sum it up, request you to pay me the refund with 18%interestp.a.or face some serious action.
hoping to get a positive revert in two days.this time i hope u take it seriously and revert me in next 48 hours.upto u Rajaram
p.s-rajaram-you have no clue to what extent i can go to claim my refund amount with'' INTERST''

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.
We request you to do the needful

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 .and initially i told them that i am capable of paying your loan in 2 yr then at that time they told me ok...n now they are still asking me to pay the loan.and they r intimidting me that if i will not do so they will snatch my tractor too . detail of customer : name tara singh pg no ; PG/0055/A/12/000033

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 from 20th OCT 2011 and asked me to get authorized from HDFC bank. I got it stamped and submitted the ECS form with MAGMA on 27th Sept 2011 and took the deliver of the CAR on 6th OCT 2011.

My ECS has supposed to start from 20th OCT 2011 but it was not happened on that date and it started from 1st Nov 2011. When I tried to reach the MAGMA people for the same they said some TYPO error happened at their end and after a chain of emails they said they will apply another new application form from me and asked to wait till 15th NOV 2011. But nothing has happened yet still the ECS is deducting on 1st of Every month. I tried reaching all the heads at the MAGMA FinCorp Office located at Ameerpet Hyd office but there is no response. Morever when I tried to reach them they won't answer the calls.

Moreover till now I didn't know my Car Laon account no and MAGMA haven't send me the schedule of my ECS. Even they have forged some my signatures. I have some financial committiments on which I couldnot able to pay the ECS on 1st of every month and communicated to them much before so they haven't took any action on that yet.

Request you kindly help me out in making those people to change the ECS and date and let me know the CAR loan A/c no and as well as the ECS schedule.

If required I can attach the emails and deal agreement.

Thanking you,
Amruth