TNMB Car Loan Rate, Eligibility Calculator, Apply Online
Tamilnad Mercantile Bank Car Loan Offer Aug 2017
|Features and Eligibility||Tamilnad Mercantile Bank New Car Loan Scheme||Tamilnad Mercantile Bank Used Car Loan Scheme|
|Interest Rates||11.30% Floating
Check Best Offers
|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|
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)|
|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
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 1.00% of loan amount Min. Rs. 0 and Max. Rs.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.