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TMB Two Wheeler Loan

Tamilnad Mercantile Bank Ltd. (TMB) offers two-wheeler loans with interest rates starting from 14.05%. Up to 75% of the on-road price of the bike may be provided as a loan.

TMB Two-Wheeler Loan Interest Rate

TMB offers bike loans with attractive interest rates and other details as given below:

Interest Rate 14.05% p.a.
Maximum Loan Amount Rs. 1 lakh
Minimum Loan Amount Contact the Bank
Income At least Rs.75,000 in a year
Repayment Period 35 months
Processing Fee 1% of the loan amount
Prepayment Charges Contact the Bank

How to Apply for TMB Bike Loan?

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.

TMB Two-Wheeler Loan EMI Calculator

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.

TMB Two-Wheeler Loan Eligibility

The following are the eligibility requirements for TMB’s two-wheeler loans:

  • Your net income in a year must be at least Rs.75,000.
  • You must have a driving license.
  • An Undertaking Letter from your employer must be provided.

Documents Required for TMB Bike Loan

The following are the documents required:

For Salaried Employees

  • Passport-size photographs
  • Proof of identity
  • Proof of address
  • Proof of income such as salary slips (three months), Form 16, or ITR
  • Bank statement
  • Application form
  • Quotation provided by a recognised dealer

For Self-Employed Individuals

  • Balance sheet
  • Profit and loss account
  • Quotation provided by a recognised dealer
  • Passport-size photographs
  • Proof of address
  • Proof of identity
  • Income Tax Returns (ITR)
  • Bank statement
  • Application form

Features and Benefits of TMB Two-Wheeler Loan

TMB offers two loan schemes for bikes. The features and benefits of both are as given below:

  • Loans can be availed to purchase a new bike.
  • Up to 75% of the on-road price of the bike may be provided as a loan.
  • The maximum loan that is provided is Rs.1 lakh.
  • Your net income must be at least Rs.75,000 in a year.
  • The repayment tenure is 35 months.
  • Hypothecation of the bike must be provided as security.
  • You must have a driving license.

FAQ's

  1. Can I buy a high-end bike with a TMB bike loan?

    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.

  2. What are the eligibility criteria for a high-end bike loan from TMB?

    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.

  3. What is the LTV for TMBs bike loan for high-end bike?

    For high-end bikes, TMB offers an LTV of 65%.

  4. How can I increase my loan eligibility for TMB’s two-wheeler loan?

    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.

  5. What are the factors that affect my eligibility for a TMB two-wheeler loan?

    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.

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