In recent times, quadratic magneto-optic Kerr effect (QMOKE) is emerging as an important experimental tool to investigate higher-order spin-orbit interactions in magnetic thin films and heterostructures. We have designed and constructed a simple, cost-effective QMOKE measurement system using permanent magnets. The permanent magnets are mounted on the inner surface of a cylindrical ferromagnetic yoke which can be rotated about its axis. Our system is sensitive to both the quadratic and linear MOKE signals. We use rotating field method to extract the QMOKE components in saturation. This system is capable of extracting the QMOKE signal from single crystals and thin film samples. Here we present the construction and working of the QMOKE measurement system using permanent magnets and report, for the first time, the QMOKE signal from Fe3O4 single crystal.