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TNMB Car Loan EMI Calculator

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Lowest EMI Rs. 2194 with Interest Rate at 11.40%, Tenure upto 5 years

Tamilnad Mercantile Bank EMI Calculator

What is Tamilnad Mercantile Bank Car Loan EMI?

  • car Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Tamilnad Mercantile Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Tamilnad Mercantile Bank offering car Loans with loan tenure upto 5 years, the loan EMI can be as low as Rs. 2,194 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Tamilnad Mercantile Bank are as low as 11.40%. You can check EMI for other tenures using our Tamilnad Mercantile Bank car Loan EMI calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does Car Loan EMI calculator calculate EMI?

  • This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance

Tamilnad Mercantile Bank Car Loan: Features

Some of the key features of Tamilnad Mercantile Bank car loan are listed below:

  • Age limit : Tamilnad Mercantile Bank offers loan to borrowers with minimum age of 0 years and a maximum age of 0 years.
  • Interest Rates : Tamilnad Mercantile Bank offers competitive interest rates and quick processing of your loan. car loans are offered in the interest rate ranging from 11.40% to 11.65%.
  • Processing fee : Tamilnad Mercantile Bank offers processing fee 1.00% . Min Rs. 0 Max Rs. 0
  • Prepayment Charges : Under certain schemes, Tamilnad Mercantile Bank offers Nil from own sources; 0.25% in case of loan takeov.
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