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Last Updated 29th Apr 2017

Tamilnad Mercantile Bank Car Loan Offer Apr 2017

Features and Eligibility Tamilnad Mercantile Bank New Car Loan Scheme Tamilnad Mercantile Bank Used Car Loan Scheme
Interest Rates 11.30% Floating
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11.75% Floating
Maximum Loan Amount Eligibility 85.00% of on-road price 70.00% of market value
Maximum Loan Tenure (years) 5 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 2,189 Rs. 2,189
Processing Fee 1.00% 1.00% Min Rs. 0
Prepayment Charges Nil from own sources; 0.25% in case of loan takeov Nil from own sources; 0.25% in case of loan takeov
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 0 years and 0 years Between 0 years and 0 years
Apply Car Loan @ 9.25%*
Rs.
Rs.
+91

Eligibility Condition for Tamilnad Mercantile Bank Car Loan

Tamilnad Mercantile Bank New Car Loan Scheme Tamilnad Mercantile Bank Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
Salaried 1.2 1.2
Self employed professionals 1.2 1.2
Self employed businessmen 1.2 1.2
  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.

Frequently Asked Questions on TNMB Car Loan

How much interest is charged by Tamilnad Mercantile Bank on car loan?

TNMB car loan interest rates today are 11.30% to 11.55%.

What is the lowest EMI per lakh on Tamilnad Mercantile Bank car loan?

If you apply for a car loan from Tamilnad Mercantile Bank, your lowest EMI per lakh will be Rs. 2,189.

What is the maximum tenure of Tamilnad Mercantile Bank car loan?

You can repay your car loan from Tamilnad Mercantile Bank in a flexible period of 5 years.

How much car loan I can borrow from Tamilnad Mercantile Bank?

Tamilnad Mercantile Bank offers you 85.00% of on-road price of car as loan.

How much processing fee is charged by Tamilnad Mercantile Bank on car loan?

Tamilnad Mercantile Bank charges a processing fee of of % of loan amount Min. Rs. number_format(0) and Max. Rs. number_format(0) with applicable service tax.

Is age an eligibility factor to get car loan from Tamilnad Mercantile Bank?

Yes, age is an important eligibility factor to get Tamilnad Mercantile Bank car loan as you should be at least 0 years old at loan approval time and 0 years old at loan maturity time.

Are there any prepayment charges on Tamilnad Mercantile Bank car loan?

You can take car loan from Tamilnad Mercantile Bank with Nil from own sources; 0.25% in case of loan takeov prepayment charges.

Can I add my spouse's income while applying for car loan from Tamilnad Mercantile Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

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TNMB Car Loan News - Apr 2017
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.