Tamilnad Mercantile Bank Ltd. (TMB) offers two-wheeler loans with interest rates starting from 15.05% p.a. onwards. Up to 75% of the on-road price of the bike may be provided as a loan.
TMB offers bike loans with attractive interest rates and other details as given below:
Category | Features |
Interest Rate | 15.05% p.a. onwards |
Maximum Loan Amount | Rs.2 lakh |
Minimum Loan Amount | Contact the Bank |
Income | Contact the bank |
Repayment Period | 35 months |
Processing Fee | 1% of the loan amount (no maximum cap) |
Prepayment Charges | Contact the Bank |
You will need to visit the nearest TMB to apply for a bike loan. Once the application form and relevant documents are submitted, the bank will check if you meet the eligibility criteria.
The loan will be provided only if the eligibility criteria are met. Lower interest rates are provided for individuals with a high credit score.
You can make use of the bike loan EMI calculator provided by BankBazaar to calculate the Equated Monthly Instalments (EMIs). Once you provide the relevant details, the interest that is charged and the total amount that must be paid will be displayed.
You can check the EMIs for various inputs. This can help you choose the best tenure and down payment. The calculator is easy to use and free.
The following are the eligibility requirements for TMB's two-wheeler loans:
The following are the documents required:
For Salaried Employees
For Self-Employed Individuals
The features and benefits of both are as given below:
Yes, you can buy a high-end bike of up to Rs.3 lakh in value, subject to your repayment capacity, with a TMB two-wheeler loan. The maximum repayment tenure will be 3 years for a high-end bike.
The eligibility criteria for a high-end bike with a loan from TMB is to have a self-owned or parental-owned residence, employment stability of a minimum of 2 years, minimum income of Rs.15,000 for salaried individuals, and business income of Rs.5 lakh for self-employed individuals.
For high-end bikes, TMB offers an LTV of 65%.
You can increase your loan eligibility for TMB's two-wheeler loans by maintaining a high credit score (above 750), having a co-applicant with a good source of income credit score, showing additional income sources such as rental income or mutual fund dividends, and choosing a longer repayment tenure.
The factors that affect your eligibility for a TMB two-wheeler loan are your credit score, any outstanding loans or debts that you have, and your current income.
Credit Card:
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