TMB Car Loan | Interest Rates 2024 | Documents | Eligibility
Find Tamilnad mercentile bank car loans interest rates. Check documents, eligibility, application status, processing fees, loan status, procedure, customer care number of TMB home loans at deal4loans.com.
TMB Car Loan Interest Rates 2024
| Car Loan Interest Rates | 10.10% – 11.35% |
| TMB Two Wheeler Loan | 14.45% |
| Commercial Vehicle Car Loan | 10.85% |
| Used Second Had Car Loan | 11.30% – 12.60% |
TMB 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.
Purpose
To buy New Car / Four Wheeler for personal or professional use.
To buy Pre Owned (Used / Second Hand) Cars in good working condition and not more than 4 years old.
Eligibility
Individual / HUF / Partnership Firm / Limited Company / Trust Individual: Minimum Gross Income of Rs. 1,20,000 per annum (including the income of the spouse). For Others: The average Debt Service Coverage Ratio should be 1.50:1 or more.
Loan Quantum
Up to Rs. 1.5 crore for New Vehicle.
For Purchasing Second Hand Cars: Restricted up to Rs. 15 Lakhs.
Margin
15% of “On Road Price” for New Vehicle / 30% of the Purchase Value or Market value of Pre Owned Cars whichever is lower.
Guarantee
In case of HUF: Guarantee from Male Members of the HUF. In Case of Individuals: Spouse or father of the applicant or third party. In case of others: Partners / Directors / Trustees Guarantee may be waived in appropriate cases by the concerned sanctioning authority based on repaying capacity of the applicant.
Repayment
5 Years. Equated Monthly Installment. For salaried persons – EMI should not exceed 40% of Take Home Salary and for others, the minimum ADSCR should be 1.50:1.
Security
Hypothecation of Vehicle to be Financed.
Processing Charges
1.00% of Limit sanctioned without any maximum cap.
Prepayment Charges
At the rate of 0.25% of amount prepaid. In case, where the loan is closed by way of Take Over by 0ther Bank alone will attract prepayment Charges. However, no prepayments charges will be levied in cases where the loan is closed by the borrower from own sources of funds.
How to Apply
Loan Application Letter to be accompanied by: 1. Proof of Income (IT Return / Salary Certificate / Others). 2. Quotation. 3. Letter from Third Party Guarantor, if applicable.
Other Stipulation
Hypothecated Vehicle should be adequately insured.
Bank’s hypothecation charge should be duly registered with the Regional Transport Authority and it should be recorded in the RC Book.
Duplicate key and RC Book copy should be obtained and kept along with the loan documents.
Other Retail products of Tamilnad Mercantile Bank Ltd
