Magma Fincorp Pension Loan Features
| Magma Fincorp Pension Loan Interest Rate | 11.83% p.a. |
| Magma Fincorp Pension Loan Processing Fee | 1% of the loan amount |
| Magma Fincorp Pension Loan Tenure | 36 months |
| Magma Fincorp Pension Loan Amount Minimum | 25,000 |
| Magma Fincorp Pension Loan Amount Max | 14 Lakh |
| Family Pension Loan Amount Minimum | 2.5 Lakh |
| Family Pension Loan Amount Max. | 5 Lakh |
| Magma Fincorp Prepayment Charges | 3% of the loan amount |
| Magma Fincorp Foreclosure Charges | 3% of the loan amount |
Magma Fincorp Pension Loan Eligibility
For the Magma Fincorp Pension Loan eligibility, it is a necessary requirement that one of your ex-staff constituent should have a pension statement. Along with that, you must also be a beneficiary of state government, PSU or Central Government. Lastly, you must also take home 60% of the monthly pension after paying the bank payments.
Magma Fincorp Pension Loan Eligibility for Central and State Government Pensioners
| Eligibility Criteria | Key Features |
| Employer Type | Central and State Government |
| Applicant’s Age | Below 76 years of age |
| Account Type | Pension payment order maintained by Bank |
| Treasury Terms | Written consent from the treasurer not to accept any pension transfer requests |
| Guarantee Terms | By the spouse (eligible for a family pension) or any other third party |
Magma Fincorp Pension Loan Eligibility For Defence Pensioners
| Eligibility Criteria | Key Features |
| Employer Type | Armed Forces, Paramilitary Forces, Coast Guards, Rashtriya Rifles, Assam Rifles |
| Applicant’s Age | Below 76 years of age |
| Account Type | Pension payment order maintained by Bank |
| Treasury Terms | Not applicable |
| Guarantee Terms | Not applicable |
Magma Fincorp Pension Loan Eligibility For Family Pensioners
| Eligibility Criteria | Key Features |
| Employer Type | Central and State Governments including all Armed Forces |
| Applicant’s Age | Below 76 years of age |
| Account Type | Pension payment order maintained by Bank |
| Treasury Terms | Not applicable |
| Guarantee Terms | Authorised members of the family under the family pension scheme |
Maximum Eligible Loan Amount and repayments for Magma Fincorp Pension Loan
For Central and State Government Pensioners:
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 72 years | ₹ 14.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 12.00 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 7.50 Lakh | 24 months | Up to 78 years |
For Defense Pensioners:
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 56 years | ₹ 14.00 Lakh | 84 months | Up to 63 years |
| 56 – 72 years | ₹ 14.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 12.00 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 7.50 Lakh | 24 months | Up to 78 years |
For Family Pensioners (including Defense Pensioners):
| Age | Max Loan Amount (18 months Pension or Less) | Repayment Period | Age at the time of full Repayment |
| Below 72 years | ₹ 5.00 Lakh | 60 months | Up to 77 years |
| 72 – 74 years | ₹ 4.50 Lakh | 48 months | Up to 78 years |
| 74 – 76 years | ₹ 2.50 Lakh | 24 months | Up to 78 years |
Interest Rate On Magma Fincorp Personal Loan For Pensioners
The interest rate for Magma Fincorp Pension Loan is very less i.e. 3.40% p.a. in order to fulfil the needs of old pensioners in their post-retirement days.
Documents Required For Magma Fincorp Pension Loan
Identity proof: Any of the following mentioned–
- Passport
- Voter Identity Card
- Pan Card
- Driving License
- Aadhaar Card
Address proof: Any of the following mentioned–
- Ration Card
- Bank Account Statement
- Passport
- Driving License
- Utility bills
- The property purchase agreement
- Aadhaar Card
Income proof:
- Bank Account Statement
- Salary Slips
Loan Amount On Magma Fincorp Personal Loan For Pensioners
The smallest loan amount is Rs 25,000. The highest loan amount and loan tenure depends on pensioner’s life and the nature of pension that she or he is drawing.
For State and Central Government Pensioners:
| Age | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure |
| Less Than 72 Years | 25000 | 14 Lakh | 18 Months Pension | 60 |
| 72 to 74 Years | 25000 | 12 Lakh | 18 Months Pension | 48 |
| 74 to 76 Years | 25000 | 7.5 Lakh | 18 Months Pension | 24 |
For Defence Pensioners:
| Age | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure |
| Up to 56 Years | Rs 25000 | 14 Lakh | 36 Months Pension | 84 |
| Less Than 72 Years | Rs 25000 | 14 Lakh | 18 Months Pension | 60 |
| 72 to 74 Years | Rs 25000 | 12 Lakh | 18 Months Pension | 48 |
| 74 to 76 Years | Rs 25000 | 7.5 Lakh | 18 Months Pension | 24 |
For Family Pensioners:
| Age | Minimum Loan Amount | Maximum Loan Amount | Additional Ceiling Amount | Loan Tenure |
| Less Than 72 Years | 25000 | 5 Lakh | 18 Months Pension | 60 |
| 72 to 74 Years | 25000 | 4.5 Lakh | 18 Months Pension | 48 |
| 74 to 76 Years | 25000 | 2.5 Lakh | 18 Months Pension | 24 |
About Magma Fincorp
Magma Fincorp features a diversified product portfolio. It offers loans for cars and utility vehicles, commercial vehicles, 
construction equipment, tractors, and so on. It also supports SME businesses, mortgage finances and also Housing Finance and General Insurance. During the year 2012, the company introduced loans for Mortgaged Finance which followed the acquisition of the mortgage business of GE India. The corporate entered into the General Insurance business through Magma HDI General insurance firm, a venture with HDI Global SE.
FAQs on Magma Fincorp Pension Loan
✅ Can you get a loan on a pension?
The Magma Fincorp Pension Loan is available for the Central and State Government pensioners, and also Defense and family pensioners who are up to 76 years of age.
✅ How much loan can a pensioner get?
The loan amount of personal loans for pensioners varies as pension loan providers differ. The Magma Fincorp Pension Loan can be availed from Rs 25,000 to Rs 14 lakhs.
✅ What is the pension loan scheme?
The Magma Fincorp Pension Loan scheme covers the funding needs of Government Defense and family pensioners after their retirement.
✅ At what rate of interest you can get Magma Fincorp Pension Loan?
You can get Magma Fincorp Pension Loan at a 3.40% p.a. interest rate.
✅ How can you get Magma Fincorp Pension Loan?
You can apply online via Dialabank or call at 9878981166.
