TamilNad Mercantile Bank Used Car Loans

Founded in the year 1921, the TamilNad Mercantile Bank, also known as TMB, is one of the leading private banks operating in India. Having recorded robust growth over the past few years, the bank currently boasts of a widespread network of over 400 branches, 777 ATMs and 10 regional offices located across India. TMB has been awarded with the title of the ‘Best Private Sector Bank’ by ASSOCHAM and now plans to expand its operations to other countries like Colombo, Singapore and Malaysia as well. Some of the services offered by the bank include personal banking, business / corporate banking and NRI and International Banking services.

Under personal banking, TMB offers financing options to customers looking to purchase second hand cars. The TamilNad Mercantile Bank Used Car Loan is among the most popular car loan schemes which offers easy terms like quick processing, low interest rates, minimal documentation and more. This loan may be used to purchase pre-owned / second hand cars which are not more than 4 years old and must be in good working order.

Features of TamilNad Mercantile Bank Used Car Loan

To find out more about this loan, you can go through the following features accompanying this used car loan.

Customers can avail a loan amount up to Rs 15 lakhs for the purchase of used vehicles

A margin of 30% of purchase / market value (whichever amount is lower) will be considered for pre-owned cars.

As this loan requires a guarantor, following is a list of guarantors which will be accepted for each category of loan applicants. Please note that guarantee may be waived by the bank and depends on the loan issuing authority and also the repaying ability of the applicant.

Individuals – Spouse / father of the applicant or third party

HUF – Male members of the HUF

Other Applicants – Partners / directors / trustees

This used car loan may be taken for a maximum term of up to 5 years

A processing charge of 1.00% (no maximum limit) is applicable on this loan. Prepayment charges will be levied at the rate of 0.25% only if the loan is prepaid due to being taken over by another bank. No prepayment charges will be levied if the loan is being paid off by the borrower with his/her own funds.

TamilNad Mercantile Bank Used Car Loan Eligibility Criteria

The TamilNad Mercantile Bank Used Car Loan is available to individuals, HUFs, partnership firms, limited companies and trusts. In order to apply for this loan, applicants must fulfill the following eligibility conditions.

• Individual applicants must have a minimum gross income of Rs 1,20,000 per annum (including income of spouse)
• Applicants other than individuals must have a debt service coverage ratio of 1:50:1 or more

TamilNad Mercantile Bank Used Car Loan Interest Rates

This car loan offers some of the most competitive interest rates to customers wishing to purchase a vehicle. The rate of interest for this loan is linked to the base rate.

EMI Calculation for TamilNad Mercantile Bank Used Car Loan

The TamilNad Mercantile Bank Used Car Loan EMI Calculator facilitates easy and hassle free calculation of EMI’s on your used car loan. With adjustable settings, this tool can help you in determining the EMI amount which you are comfortable paying without upsetting your budget. All you have to do is enter the loan amount, applicable rate of interest on your loan amount and the tenure of repayment most suited to you. Once the details have been input, the calculator automatically displays the EMI amount you’d be required to pay each month.