Tamilnad Mercantile Bank Limited is a bank headquartered in Tuticorin in Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. Their car loan scheme is among the popular of all the retail loan schemes since it offers quick processing of loans for the purchase of new cars at low interest rates and simple documentation and conditions.
|Interest Rate||11.10% to 11.35%|
|Processing Fees||1.00% Processing Charges|
|Loan Tenure||1 year to 5 years|
|Guarantor Requirement||Guarantor required|
Tamilnad Mercantile Bank (TMB) was founded in 1921 as the Nadar Bank in Tuticorin in Tamil Nadu, India. In the year 1962, the bank got its present name. With its headquarter in Tuticorin, the bank has over 400 branches in India at present and works actively towards rural development.
The bank has a variety of products which include different loans and deposits. It provides vehicle loans for both two and four wheelers, home loans, education loans and personal loans among others.
TMB provides car loans for new and used cars for both personal and professional use. Easy documentation, quick processing and competitive rates of interest make the car loan scheme an attractive one. The bank provides a high amount of loan to its customers, helping them fulfil their dream of possessing the best car.suit your needs.
TMB follows the “base rate’” system to determine the effective interest rate applicable for various tenure option on auto loans.TMB Base Rate for New Borrowers
|Rate of interest (for a term of up to 36 months)||11.40% (base rate + 1.00%)|
|Rate of interest (term from 36 months to 60 months)||11.65% (base rate + 1.25%)|
Note: The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.
By calculating the equated monthly installment (EMI) in advance, a person gets a good idea about the finances involved in taking a car loan. This information can also help you choose the best loan tenure for himself.
For calculating the EMI, you can use the EMI calculator on Bank Bazaar’s website. You can find the calculator in the ‘Finance Tools’ section on the site. Before calculating, you have to keep information such as the loan amount, tenure, rate of interest and processing fee ready.
To calculate, enter the loan amount and tenure on the sliders. After that, fill in the other information asked and click on ‘calculate’ which will give you detailed results which includes the EMI and the amortisation table.
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