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Owning your dream car is made easy with car loans from Tamilnad Mercantile Bank (TMB). The car loan scheme from TMB is one of the most popular retail loan schemes available for existing customers of the bank as well as new borrowers.
Tamilnad Mercantile Bank, popularly known as TMB, was established during the pre-Independence era in the year 1921. Initially, known as Nadar Bank Ltd, TMB was started by a group of shrewd businessmen from Tuticorin in South Tamilnadu.
In the first few years of the bank’s history, the bank had only four branches in a few towns in South Tamilnadu. Today, the bank has grown significantly with 509 branches not just in Tamil Nadu but pan-India. TMB also has tie-ups with HDFC and IDBI banks at key locations, thereby effectively expanding its network.
TMB offers the best deals for customers looking to purchase a new four-wheeler or used cars. Low-interest rates, minimal documentation, simple eligibility requirements, easy terms and conditions, quick processing and speedy disbursal of loan amounts make four-wheeler loans from TMB incredibly popular, not just among existing customers of the bank but also new borrowers.
Here, in this guide, you can find all that you need to know about car loan eligibility, documentation, and loan features from Tamilnad Mercantile Bank.
About Tamilnad Mercantile Bank Car Loan Eligibility
Tamilnad Mercantile Bank offers car loans to individuals looking to purchase new or old four-wheelers. Apart from car loans to individuals, TMB also offers Vehicle Finance Option for commercial vehicles. This option can be availed by businesses looking to purchase commercial vehicles for business use.
Purpose of Car Loans from TMB
Who is eligible for car loans from TMB?
Tamilnad Mercantile Bank offers car loans to the following categories of customers:
Income eligibility criteria for a car loan from Tamilnad Mercantile Bank
Tamilnad Mercantile Bank offers car loans to individuals who meet the following criteria:
The income eligibility criteria for other borrowers like limited companies and sole proprietorship is:
Take a look at the eligibility criteria for different categories of borrowers:
For Salaried Individuals
For Public and Private Limited Companies and Partnership Firms
TMB offers car loans up to Rs. 150 lakhs for the purchase of new vehicles and up to Rs. 15 lakhs for the purchase of used/second-hand vehicles. However, the maximum loan amount for each applicant is determined on a case-by-case basis, after considering several factors like income levels, credit scores, credit history, and more.
Car Loan Margin
Borrowers can choose their preferred repayment tenures based on the EMIs that they can afford. The maximum available tenure is five years.
The documentation required for car loans from TMB is minimal, and applicants require to submit only the usual KYC documents. Here’s a list of the documents that borrowers can submit along with the loan application as proof:
Apart from these KYC documents, applicants also have to provide the following:
*Note that applicants may be required by the bank to submit additional documents if needed.
Latest Tamilnad Mercantile Bank Car Loan Interest Rates
TMB follows the MCLR (Marginal Cost of Funds based Lending Rate) to determine the interest rate for its borrowers. The current base rate for car loans from TMB is 9.75% per annum.
1. Who is eligible to provide a guarantee for applicants of car loans from TMB?
2. Are there any prepayment charges for car loans from TMB?
Prepayment charges are not levied when the borrower closes the loan by paying from his/her own source of funds. However, prepayment charges are applicable when the borrower forecloses the loan by switching to another lender. In this case, the prepayment charge is 0.25% of the amount prepaid.
3. What are the loan processing charges?
The loan processing charge is fixed at 1.00% of the loan sanction amount.
4. How to apply for a car loan from TMB?
Applicants have to provide the following along with the loan application letter by visiting the nearest TMB branch:
5. Can applicants apply for a loan online?
Yes. TMB offers online application facility for car loan borrowers. Visit the official website of TMB and start the loan application process by filling up the online application form.
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