TNMB Car Loan Calculator

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  • Eligibility, Schemes, Interest Rates Oct 2016, EMI - New Car, Used Car

Features and Eligibility Tamilnad Mercantile Bank New Car Loan Scheme Tamilnad Mercantile Bank Used Car Loan Scheme
Interest Rates 11.40% Floating 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. 2194 Rs. 2194
Processing Fee 1.00% Min Rs. 0 Max Rs. 0 1.00% Min Rs. 0 Max 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
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

*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.