Tamilnad Mercantile Bank Car Loan EMI Calculator Jun 2017
Tamilnad Mercantile Bank Car Loan EMI Calculator
Lowest EMI on Tamilnad Mercantile Bank Car Loan - Rs. 2,189 per lakh
|Loan Amount||2 Years||3 Years||5 Years|
|Rs. 100,000||Rs. 4,675||Rs. 3,288||Rs. 2,189|
|Rs. 300,000||Rs. 14,024||Rs. 9,864||Rs. 6,568|
|Rs. 500,000||Rs. 23,374||Rs. 16,440||Rs. 10,946|
|Rs. 1,000,000||Rs. 46,747||Rs. 32,881||Rs. 21,892|
Factors affecting Tamilnad Mercantile Bank Car Loan EMI
- Borrower age should be between 0 years to maximum 0 years
- Maximum car loan amount offered by Tamilnad Mercantile Bank is up to 85.00% of on-road price
- Interest rates starts @ 11.30% depending upon down payment, net income and other factors
Tamilnad Mercantile Bank Car Loan EMI
- Car Loan EMI (or equated monthly installment) 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 60 years, the loan EMI can be as low as Rs. 2 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 11.30%.
- 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.
Tamilnad Mercantile Bank Car Loan Calculator Formula
Here is an illustration of how Tamilnad Mercantile Bank Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 85.00% of on-road price
n = tenure in month. For Tamilnad Mercantile Bank, this can be 60 months
Car Loan EMI Calculator Tamilnad Mercantile Bank - How it works?
Tamilnad Mercantile Bank Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Tamilnad Mercantile Bank Car loan 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.
Car Loan EMI – EMI changes in case of prepayment
In case you prepay your car loan, the outstanding balance on your car loan reduces. Tamilnad Mercantile Bank gives you two options:
- Reduce your loan tenure and keep your car EMI same
- Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Tamilnad Mercantile Bank in this option.
Frequently Asked Questions on Tamilnad Mercantile Bank EMI Calculator
Tamilnad Mercantile Bank offers car loan at 11.30% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,189.Can I prepay my Tamilnad Mercantile Bank car loan?
Tamilnad Mercantile Bank offers you an option of prepayment at Nil from own sources; 0.25% in case of loan takeov charges.
Tamilnad Mercantile Bank Car Loan Customer Care Number, Email, Application Status, Branches
Tamilnad Mercantile Bank Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||1800-425-0426|