TNMB Car Loan Rate, Eligibility Calculator, Apply Online

Tamilnad Mercantile Bank Car Loan Offer Feb 2017

Last Updated 25th Feb 2017
Features and Eligibility Tamilnad Mercantile Bank New Car Loan Scheme Tamilnad Mercantile Bank Used Car Loan Scheme
Interest Rates 11.30% Floating Check Special Offer 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 Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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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.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on TNMB Car Loan

How much interest is charged by TNMB on car loan?

TNMB offers an interest of 11.30% to 11.55% on car loan.

What is the lowest EMI per lakh on TNMB car loan?

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

What is the maximum tenure of TNMB car loan?

You can repay your car loan from TNMB in a flexible period of maximum 7 years.

How much car loan I can borrow from TNMB?

TNMB offers you 85.00% of of on-road price of car as loan.

How much processing fee is charged by TNMB on car loan?

TNMB charge a processing fee of 1.00% with applicable service tax.

Is age an eligibility factor to get car loan from TNMB?

Yes, age is an important eligibility factor to get TNMB 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 TNMB car loan?

You can take car loan from TNMB 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 TNMB?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
TNMB Car Loan Calculator News - Feb 2017
01st Sep 16 Tamilnad Mercantile Bank has reduced its MCLR from 1st September, 2016
Tamilnad Mercantile Bank has reduced its Marginal Cost Based Lending Rate (MCLR) by 10 basis point (bps) across maturities. The 1 year MCLR has been reduced to 10.15 percent from the current rate of 10.25 percent. The 3 month and 6 month MCLR has been reduced to 10.05 percent and 10.10 percent respectively. Similarly the Overnight MCLR has been reduced to 9.9 percent. These changes are effective from 1st September, 2016. The interest rates of home loans that have been disbursed after 1st April 2016 are linked to 1 year MCLR.
19th Feb 16 Daimler India signs MoU with Tamilnad Mercantile Bank
Daimler India Commercial Vehicles signed a MoU with TMB to provide tailor-made financing packages to customers across the country for modern BharatBenz trucks and buses
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