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Tamilnad Mercantile Bank Car Loan EMI Calculator Aug 2017

Last Updated 12th Aug 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
Car Loan Calculator

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

Emi 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

What is the lowest EMI per lakh offered by Tamilnad Mercantile Bank on Car loan?

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
Agra 1800-425-0426
Ahmedabad 1800-425-0426
Ambala 1800-425-0426
Anand 1800-425-0426
Aurangabad 1800-425-0426
Bangalore 080-27832081
Bhilai 1800-425-0426
Bhilwara 1800-425-0426
Bhiwadi 1800-425-0426
Bhopal 1800-425-0426
Bhubaneswar Cuttack 1800-425-0426
Bikaner 1800-425-0426
Chandigarh 1800-425-0426
Chennai 044-42031543
Cochin 1800-425-0426
Coimbatore 1800-425-0426
Dehradun 1800-425-0426
Delhi 011-22304533
Durg 1800-425-0426
Faridabad 1800-425-0426
Gandhinagar 1800-425-0426
Ghaziabad 1800-425-0426
Goa 1800-425-0426
Greater Noida 011-22304533
Gurgaon 1800-425-0426
Guwahati 1800-425-0426
Gwalior 1800-425-0426
Hyderabad 040-27766467
Indore 1800-425-0426
Jabalpur 1800-425-0426
Jaipur 1800-425-0426
Jalandhar 1800-425-0426
Jodhpur 1800-425-0426
Kanpur 1800-425-0426
Karnal 1800-425-0426
Kolhapur 1800-425-0426
Kolkata 1800-425-0426
Kota 1800-425-0426
Kozhikode 1800-425-0426
Lucknow 1800-425-0426
Ludhiana 1800-425-0426
Madurai 1800-425-0426
Meerut 1800-425-0426
Mehsana 1800-425-0426
Mohali Sas Nagar 1800-425-0426
Mumbai 022-27669021
Mussoorie 1800-425-0426
Nagpur 022-27669021
Nashik 022-27669021
Noida 011-22304533
Noida Extn 011-22304533
Panipat 1800-425-0426
Patna 1800-425-0426
Pondicherry 1800-425-0426
Pune 1800-425-0426
Raipur 1800-425-0426
Rajkot 1800-425-0426
Ranchi 1800-425-0426
Rohtak 1800-425-0426
Roorkee 1800-425-0426
Salem 044-42031543
Shimla 1800-425-0426
Sonepat 1800-425-0426
Surat 1800-425-0426
Trichy 1800-425-0426
Udaipur 1800-425-0426
Vadodara 1800-425-0426
Varanasi 1800-425-0426
Vijaywada 1800-425-0426
Vizag 1800-425-0426
Tamilnad Mercantile Bank Car Loan Calculator

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